During yesterday’s White House Summit, President Bush expressed his view that America must remain committed to international development “regardless of the ebb and flow of the markets.”

Excerpts below, full transcript here

You know, we meet today in the middle of a serious global financial crisis. Over the past few weeks, we have seen how the world’s economies are more interconnected than ever before. The crisis is having a major impact on working people all over the world — including many in developing nations.

During times of economic crisis, some may be tempted to turn inward — focusing on our problems here at home, while ignoring our interests around the world. This would be a serious mistake. America is committed — and America must stay committed — to international development for reasons that remain true regardless of the ebb and flow of the markets. We believe that development is in America’s security interests. We face an enemy that can’t stand freedom. And the only way they can recruit to their hateful ideology is by exploiting despair — and the best way to respond is to spread hope.

We believe that we ought to remain committed to development because it’s in our long-term economic interests. When America helps developing nations rise out of poverty, we create new markets for our goods and services, and better jobs for American workers. And we’re committed to development because it’s in our moral interests. I strongly believe in the timeless truth: To whom much is given, much is required. We are a blessed nation and I believe we have a duty to help those less fortunate around the world. We believe that power to save lives comes with the obligation to use it. And I believe our nation is better when we help people fight hunger and disease and illiteracy.

-Chris Scott