Barack Obama

seventi __PUNCT__ five year_ago thi week __PUNCT__ governor franklin_delano roosevelt took hi campaign for the presid to the commonwealth club in san_francisco __PUNCT__

it wa a time when faith in the american_economi wa shaken __PUNCT__ a time when too mani of our leader clung to the convent think that said all we could do is sit idli by and wish that our problem would go awai on their own __PUNCT__

but franklin_roosevelt challeng that cynic __PUNCT__

amid a crisi of confid roosevelt call for a __PUNCT__ re __PUNCT__ apprais of valu __PUNCT__

he made_clear that in thi countri __PUNCT__ our right to live must also includ the right to live comfort __PUNCT__ that govern must favor no small_group at the expens of all it citizen __PUNCT__ and that in order for us to prosper as on nation __PUNCT__ __URL__ respons head of financ and industri __PUNCT__ instead of act each for himself __PUNCT__ must work togeth to achiev the common end __PUNCT__

thi vision of america would requir chang that went beyond replac a fail presid __PUNCT__

it would requir a renew trust in the market and a renew spirit of oblig and cooper between busi and worker __PUNCT__ between a peopl and their govern __PUNCT__

as fdr put it __PUNCT__ faith in america __PUNCT__ faith in our tradit of person_respons __PUNCT__ faith in our institut __PUNCT__ and faith in ourselv demand that we all recogn the new term of the old social_contract __PUNCT__

seventi __PUNCT__ five year later __PUNCT__ thi faith is call us to act onc more __PUNCT__

we certainli do not face a test of the magnitud that roosevelt gener did __PUNCT__

but we ar test still __PUNCT__

we meet at a time when much of wall_street is hold it collect breath __PUNCT__

here at the nasdaq and all across america __PUNCT__ the ticker ar be watch with heighten anxieti and consider uncertainti __PUNCT__

there is much anticip about tomorrow meet of the fed __PUNCT__ and with each new dai __PUNCT__ there is hope that the headlin will bring better new than the last __PUNCT__

it is a hope share by million of american __PUNCT__ men and women __PUNCT__ who have experienc thi kind of anxieti and uncertainti long befor it arriv on wall street __PUNCT__

thei ar the famili i meet everi dai who ar work longer hour for a paycheck that isn't get ani bigger and can't seem to cover the rise_cost of health_care and tuition and tax __PUNCT__

thei ar the maytag worker i met in galesburg __PUNCT__ illinoi and newton __PUNCT__ iowa __PUNCT__ worker who believ thei would retir and never have to work again __PUNCT__ worker who now compet with their teenag for minimum_wage wage_job at wal __PUNCT__ mart becaus their factori move oversea __PUNCT__

these american and mani other were alreadi struggl befor the problem on wall_street aros __PUNCT__

now thei ar look at their home and wonder if their greatest sourc of wealth will still have the same valu in anoth year __PUNCT__ or even anoth month __PUNCT__

and we all wonder whether thi will spill over to the wider economi __PUNCT__

so we know there is a need right now to restor confid in our market __PUNCT__

we know there is a need to renew public_trust in our market __PUNCT__

but i also think that thi is anoth moment that requir __PUNCT__ in fdr word __PUNCT__ a re __PUNCT__ apprais of our valu as a nation __PUNCT__

i believ that america free_market ha been the engin of america_great progress __PUNCT__

it creat a prosper that is the envi of the world __PUNCT__

it led to a standard of live unmatch in histori __PUNCT__

and it ha provid great reward to the innov and risk __PUNCT__ taker who have made america a beacon for scienc __PUNCT__ and technolog __PUNCT__ and discoveri __PUNCT__

but i also know that in thi countri __PUNCT__ our grand experi ha onli work becaus we have guid the market invis_hand with a higher principl __PUNCT__

it the idea that we ar all in thi togeth __PUNCT__

from ceo to sharehold __PUNCT__ from financi to factori_worker __PUNCT__ we all have a stake in each other success becaus the more american prosper __PUNCT__ the more america prosper __PUNCT__

that why we had titan of industri who made it their mission to pai well enough that their employe could afford the product thei made __PUNCT__

that why employe at compani like googl don't mind the vast success of their ceo __PUNCT__ becaus thei share in that success just the same __PUNCT__

and that why our economi hasn't just been the world_greatest wealth creator __PUNCT__ it been the world greatest job gener __PUNCT__

it been the tide that ha lift the boat of the largest middl __PUNCT__ class in histori __PUNCT__

we have not come thi far becaus we practic surviv of the fittest __PUNCT__

america is america becaus we believ in creat a framework in which all can succe __PUNCT__

our free_market wa never meant to be a free licens to take whatev you can get __PUNCT__ howev you can get it __PUNCT__

and so from time to time __PUNCT__ we have put in place certain rule of the road to make competit fair __PUNCT__ and open __PUNCT__ and honest __PUNCT__

we have done thi not to stifl prosper or liberti __PUNCT__ but to foster those thing and ensur that thei ar share and spread as wide as possibl __PUNCT__

in recent_year __PUNCT__ we have seen a danger eros of the rule and principl that have allow our market to work and our economi to thrive __PUNCT__

instead of think about what good for america or what good for busi __PUNCT__ a mental ha crept into certain corner of washington and the busi_world that sai __PUNCT__ what good for me is good enough __PUNCT__

in our govern __PUNCT__ we see campaign_contribut and lobbyist us to cut corner and win favor that stack the deck against busi and consum who plai by the rule __PUNCT__

massiv tax_cut ar shove outsid the budget window and account shenanigan ar us to hide the full_cost of thi war __PUNCT__

in the busi_world __PUNCT__ it a mental that see conflict of interest as opportun for profit __PUNCT__

the quick kill is prize without regard to long __PUNCT__ term consequ for the financi_system and the economi __PUNCT__

and while thi mai benefit the few who push the envelop as far as it will go __PUNCT__ it doesn't benefit america and it doesn't benefit the market __PUNCT__

just becaus it make_monei doesn't mean it good for busi __PUNCT__

it bad for busi when board allow their execut to set the price of their stock_option to guarante that thei get rich regardless of how thei perform __PUNCT__

it bad for the bottom_line when ceo receiv massiv sever packag after let down sharehold __PUNCT__ fire worker and dump their pension __PUNCT__ or when thei throw lavish birthdai_parti with compani fund __PUNCT__

it bad for competit when you have an administr that will to approv merger after merger with bare ani scrutini __PUNCT__

such an approach stifl_innov __PUNCT__ it rob consum of choic __PUNCT__ it mean higher_price __PUNCT__ and we have to guard against it __PUNCT__

and it bad for the market when there ar over __MONEY___trillion worth of loophol in the corpor_tax tax_code __PUNCT__ or when some compani get to set up a mailbox in a foreign_countri to avoid pai ani tax at all __PUNCT__

thi mean a greater share of tax for american and small_busi that ar try to compet but can't afford to lobbi their wai to more loophol __PUNCT__

it also mean that invest goe to the compani that ar best connect instead of the on that ar most product __PUNCT__

econom __NUM__ tell us special_interest polit distort the free_market __PUNCT__

after all __PUNCT__ why would an oil_compani invest in research for altern fuel that could save our environ when thei can get billion of dollar in subsidi to keep drill for oil and ga __PUNCT__

these anti __PUNCT__ market __PUNCT__ anti __PUNCT__ busi_practic ar wast __PUNCT__ unproduct __PUNCT__ and antithet to the veri spirit of capit __PUNCT__

thei benefit the undeserv few at the expens of hardwork american and entrepreneur who plai by the rule __PUNCT__

in fact __PUNCT__ the danger with thi mental isn't just that it offend our moral __PUNCT__ it that it endang our market __PUNCT__

market can't thrive without the trust of investor and the public __PUNCT__

at a most basic level __PUNCT__ capit_market market_work by steer capit to the place where it is most product __PUNCT__

without transpar __PUNCT__ that cannot happen __PUNCT__

if the inform is flaw __PUNCT__ if there is fraud __PUNCT__ or if the risk face financi_institut ar not fulli disclos __PUNCT__ peopl stop invest becaus thei fear thei be had __PUNCT__

when the public_trust is abus badli enough __PUNCT__ it can bring financi_market to their knee __PUNCT__

we all suffer when we do not ensur that market ar transpar __PUNCT__ open and honest __PUNCT__

we saw thi dure the dotcom boom of the 90 when conflict of interest between secur analyst __PUNCT__ whose research wa suppos to guid investor __PUNCT__ and the bank thei work for led investor to doubt the market in gener __PUNCT__

we saw it dure the enron and worldcom scandal when major public compani artifici pump up their earn __PUNCT__ disguis their loss and otherwis engag in account fraud to make their profit look better __PUNCT__ a practic that ultim led investor to question the balanc_sheet of all compani __PUNCT__

and we cannot help but see some reflect of these practic when we look at the subprim_mortgag fiasco todai __PUNCT__

subprim lend start off as a good_idea __PUNCT__ help american bui home who couldn't previous afford to __PUNCT__

financi_institut creat new financi_instrument that could securit these loan __PUNCT__ slice them into finer and finer risk categori and spread them out among investor around the countri and around the world __PUNCT__

in theori __PUNCT__ thi should have allow mortgag lend to be less riski and more diversifi __PUNCT__

but as certain lender and broker began to see how much monei could be made __PUNCT__ thei began to lower their standard __PUNCT__

some apprais began inflat their estim to get the deal done __PUNCT__

some borrow start claim incom thei didn't have just to qualifi for the loan __PUNCT__ and some were engag in irrespons specul __PUNCT__

but mani borrow were trick into gloss over the fine_print __PUNCT__

and rate_agenc began rate bundl of differ kind of these loan as low __PUNCT__ risk even though thei were veri high __PUNCT__ risk __PUNCT__

most everyon knew that some of these deal were just too good to be true __PUNCT__ but all that monei flow in made it tempt to look the other wai and ignor the unscrupul practic of some bad_actor

and yet __PUNCT__ time and again we were warn thi could happen __PUNCT__

ned gramlich __PUNCT__ the former fed governor who sadli pass awai two week_ago __PUNCT__ wrote an entir book predict thi veri situat __PUNCT__

repeat call for better disclosur and stronger oversight were met with million in mortgag industri lobbi __PUNCT__

far too mani continu to put their own short __PUNCT__ term gain ahead of what thei knew the long __PUNCT__ term consequ would be when those rate explod __PUNCT__

those consequ ar now clear __PUNCT__ nearli __NUM___million homeown could lose their home __PUNCT__

million more who had noth to do with thi could see the valu of their own home declin __PUNCT__ with some estim project a cost of nearli __MONEY___billion __PUNCT__ primarili in lost home_equiti __PUNCT__

the project_cost to investor is nearli __MONEY___billion worldwid __PUNCT__

and the impact on the hous_market and wider economi ha been so great that some economist ar now predict a possibl recess __PUNCT__ a predict all of us hope doe not come to pass __PUNCT__

there ar a number of lesson that we must learn from thi go forward __PUNCT__

we know that much of thi could have been avoid if the market oper with more honesti and account __PUNCT__

we also know we would have been far better off if there were greater transpar and more inform had been avail to the american_peopl __PUNCT__

to that extent __PUNCT__ i believ there ar a few step we should take to prevent futur crise of thi kind and restor some measur of public_trust in the market __PUNCT__

first __PUNCT__ we need more disclosur and account in the hous_market __PUNCT__

to ensur that potenti homeown aren't trick into purchas loan thei can't afford __PUNCT__ i propos updat the current mortgag rule to establish a feder definit of mortgag fraud and enact tough penalti against lender who knowingli act in bad_faith __PUNCT__

i also propos a home score system that would creat a simplifi __PUNCT__ standard metric for home_mortgag __PUNCT__ sort of like the __DATE__ __PUNCT__

thi would empow american to make smart decis by allow prospect buyer to easili compar variou mortgag product so thei can find out whether thei can afford the payment __PUNCT__

and i believ we should final enact the meaning mortgag disclosur law that the mortgag industri ha been lobbi against for far too long __PUNCT__

second __PUNCT__ i believ that if we hope to restor trust in the market __PUNCT__ we must be abl to trust the judgment of our rate_agenc __PUNCT__

the failur of govern to exercis adequ oversight over the rate agenc will cost investor and public_pension pension_fund billion of dollar __PUNCT__ loss we have not yet fulli recogn __PUNCT__

we cannot let the public_trust be lost by a conflict of interest between the rate_agenc and the peopl thei rate __PUNCT__

as arthur levitt recent remind us __PUNCT__ thi happen when rate agenc continu to give a rosi outlook for enron despit it impend bankruptci __PUNCT__

and of cours we saw it thi year when subprim_mortgag mortgag_loan continu to receiv strong rate despit repeat warn of the instabl of the mortgag and the impend slowdown of the hous_market __PUNCT__

here the real danger __PUNCT__ if the public come to view thi like the account analys of enron __PUNCT__ the market will be ravish by a crisi in confid __PUNCT__

we must take step to avoid that at all cost __PUNCT__ and that is why i believ there should be an immedi investig of the relationship and busi_practic of rate_agenc and their client __PUNCT__

the third thing we need to do is look at other area in the market where a lack of transpar could lead to similar problem __PUNCT__

mani of the peopl who hold these subprim_mortgag ar now shift their debt to credit_card __PUNCT__ and if thei do not understand the commit thei take on __PUNCT__ or ar subject to predatori practic __PUNCT__ thi could fester into a second crisi down the road __PUNCT__

that why i propos a five __PUNCT__ star credit card rate_system to inform consum about the level of risk involv in everi credit_card thei sign up for __PUNCT__ includ how easili the compani can chang the interest_rate __PUNCT__

if more american were arm with thi kind of inform befor thei purchas riski mortgag_loan __PUNCT__ the current crisi might not have happen __PUNCT__

now that so mani ar in debt __PUNCT__ we shouldn't let the same lax standard creat anoth __PUNCT__

final __PUNCT__ while it not my place to comment on the action of the fed __PUNCT__ i have heard mani of you sai that you hope for a sizabl rate cut tomorrow to sooth the market turmoil __PUNCT__

but i also know that there ar nearli __NUM___million_american who mai lose their home no matter what happen tomorrow __PUNCT__

and so for those institut that ar hold these mortgag __PUNCT__ i ask them to show some flexibl to folk try to sell or refin their hous __PUNCT__

thei ar in the same liquid pinch as compani ar __PUNCT__ but thei don't have the same resourc avail to protect themselv __PUNCT__

now __PUNCT__ in addit to these immedi step __PUNCT__ i also believ there is a larger lesson to be learn from the subprim crisi __PUNCT__

in thi modern __PUNCT__ interconnect economi __PUNCT__ there is no divid_line between main_street and wall_street __PUNCT__

the decis that ar made in new york high __PUNCT__ rise and hedg_fund matter and have consequ for million of american across the countri __PUNCT__

and whether those american keep their home or their job __PUNCT__ whether thei can spend with confid and avoid fall into debt __PUNCT__ that matter and ha consequ for the entir market __PUNCT__

we all have a stake in each other success __PUNCT__

we all have a stake in ensur that the market is effici and transpar __PUNCT__ that it inspir trust and confid __PUNCT__ that it reward those who ar truli success instead of those who ar just success at game the system __PUNCT__

becaus if the last few month have taught us anyth __PUNCT__ it that we can all suffer from the excess of a few __PUNCT__

turn a blind_ey to the cronyism in our midst can put us all in jeopardi __PUNCT__

and we cannot accept that in the unit_state of america __PUNCT__

so i promis you thi __PUNCT__

i will be a presid who believ in your success __PUNCT__

i will valu your contribut to thi countri and i will do what i can to encourag it __PUNCT__ becaus i understand that how well you do is inextric link to how well america doe __PUNCT__

and i will alwai be a strong advoc for a market that is free and open __PUNCT__

but todai i am ask you to join me in sai that in thi countri __PUNCT__ we will not toler a market that is fix __PUNCT__

we will not toler a market that is rig by lobbyist who don't repres the interest of real_american or most busi __PUNCT__

and we will not toler __PUNCT__ what good for me is good enough __PUNCT__ ani longer __PUNCT__ becaus the onli thing that good enough is what best for america __PUNCT__

i am also ask you to join me in do someth els todai __PUNCT__

i am ask you to remind yourselv that in thi countri __PUNCT__ we rise or fall as on peopl __PUNCT__

and i am ask you to join me in usher in a new era of mutual respons in america __PUNCT__

right now there ar million of hardwork american who have been struggl to get by for quit some time __PUNCT__

thei have watch their wage stagnat and their health_cost rise and their pension disappear __PUNCT__

some have seen job ship oversea and other have found new on that pai much less __PUNCT__

some tell their children thei won't be abl to afford colleg thi year __PUNCT__ other send their youngest to a school that is crumbl around them __PUNCT__

i meet these american everi singl_dai __PUNCT__ peopl who believ thei have been left on the sidelin by a global_economi that ha forev chang the rule of the game __PUNCT__

thei understand that revolut in technolog and commun have torn border and open up new market and new opportun __PUNCT__

thei know we can't go back to yesterdai or wall off our economi from everyon els __PUNCT__

their problem is not that our world is flat __PUNCT__

it that our plai_field isn't level __PUNCT__

it that opportun is no longer equal __PUNCT__

and that someth we cannot accept anymor __PUNCT__

for too long we have had a presid who ha clung to the belief that there is noth america can do about thi __PUNCT__

he ha look awai from these challeng and peddl a philosophi of __PUNCT__ what bad for you is not my problem __PUNCT__

and if we ar honest __PUNCT__ i think we must admit that those who have benefit from the new global marketplac __PUNCT__ and that includ almost everyon in thi room __PUNCT__ have not alwai concern themselv with the loser in thi new economi __PUNCT__

there ha been a tendenc __PUNCT__ dure the boom time __PUNCT__ to consid the casualti of a chang economi to be inevit __PUNCT__ and to justifi outsiz paydai or lower_tax tax_rate on wall_street earn as part of the natur_order of thing __PUNCT__

inde __PUNCT__ rather than address thi grow sens of uncertainti and constrict opportun for million of work __PUNCT__ class and middl __PUNCT__ class_american __PUNCT__ thi administr ha acceler these trend through it tax_polici and spend prioriti __PUNCT__ to the point where there is greater incom_inequ now than at ani time sinc the gild_ag __PUNCT__

it mai be true __PUNCT__ as some have argu __PUNCT__ that larger forc ar at work here __PUNCT__ that technolog_advanc and global have trigger a fundament chang in the economi __PUNCT__

it is true as well that we cannot simpli look backward for solut __PUNCT__ to try to fenc off the world beyond our border __PUNCT__ or to hope that the new deal program born of a differ era ar __PUNCT__ by themselv __PUNCT__ somehow adequ to meet the challeng of the futur __PUNCT__

no __PUNCT__ we ar go to have to adapt our institut to a new world as we alwai have __PUNCT__

and in do so __PUNCT__ we have to remind ourselv that we rise and fall as on nation __PUNCT__ that a countri in which onli a few prosper is antithet to our ideal and our democraci __PUNCT__ that those of us who have benefit greatli from the bless of thi countri have a solemn oblig to open the door of opportun __PUNCT__ not just for our children __PUNCT__ but to all of america children __PUNCT__ and that unless we take immedi step to realign the interest of all american in growth and prosper __PUNCT__ we mai gener a polit_climat that is inim to both __PUNCT__

and so __PUNCT__ in the come week __PUNCT__ i will be lai out a __NUM___centuri econom_agenda for america __PUNCT__

it an agenda that will level the plai_field for more american to ensur that america can compet and thrive in a global_economi __PUNCT__

it will focu on three broad area __PUNCT__

tomorrow __PUNCT__ i lai out the first part of my agenda __PUNCT__ a plan to modern and simplifi our tax_code so that it provid greater opportun and more relief to more american __PUNCT__

for far too long __PUNCT__ our tax code ha been so riddl with special __PUNCT__ interest loophol and giveawai that it shift the tax_burden to small_busi and middl __PUNCT__ class_american __PUNCT__

at a time when most american ar face stagnant wage and rise_cost __PUNCT__ that not fair and it doesn't benefit our economi __PUNCT__

my plan will give a break to middl __PUNCT__ class_american __PUNCT__ senior __PUNCT__ and the homeown who ar feel todai anxieti and uncertainti __PUNCT__ becaus i believ that we all have a stake in restor their confid and invest in their prosper __PUNCT__

the second part of my agenda will be to ensur america competit edg in the __NUM___centuri __PUNCT__

thi start with provid everi american with a world __PUNCT__ class educ from cradl to adulthood __PUNCT__

we know that in thi economi __PUNCT__ countri that out __PUNCT__ educ us todai will out __PUNCT__ compet us tomorrow __PUNCT__

and we also know that china is alreadi graduat four time as mani engin as we do and that our share of twenti __PUNCT__ four __PUNCT__ year __PUNCT__ old with colleg_degre now fall somewher between bulgaria and costa_rica __PUNCT__

we can't allow ourselv to fall behind __PUNCT__

that mean invest in earli child educ __PUNCT__

it mean recruit an armi of new __PUNCT__ qualifi teacher who we pai more and support more becaus we know how import their job is to the futur of thi countri __PUNCT__

and it mean final_make a colleg_educ afford and avail to everi american __PUNCT__

toni_blair onc said that __PUNCT__ talent is the __NUM___centuri wealth __PUNCT__ and i believ we all have a stake in nurtur that talent if we hope to prosper in thi centuri __PUNCT__

ensur our competit edg also mean invest more in the scienc and technolog that ha fuel so much of our nation_econom econom_growth __PUNCT__

and on place where that invest would make an enorm differ to the futur of thi countri is in a renew_energi energi_polici that end our addict on foreign_oil __PUNCT__

we know thi addict isn't sustain for our secur __PUNCT__

we know it not sustain for the planet __PUNCT__

and i talk to countless ceo and busi_leader who know it not sustain for our economi to be held hostag to the spot oil market __PUNCT__

i believ that we all have a stake in a renew futur that will creat thousand of new job and entir new industri that can fuel our prosper well into the next centuri __PUNCT__

final __PUNCT__ the third part of my agenda will be to modern and strengthen america safeti_net for work_american __PUNCT__

like all of you __PUNCT__ i believ in free_trade __PUNCT__

but we have to acknowledg that for million of american __PUNCT__ it burden outweigh it benefit __PUNCT__

and so if we want to avoid rise protection in thi countri __PUNCT__ if we expect work_american to accept and even embrac free_trade __PUNCT__ then i believ we all have a stake in embrac polici that will provid them with a sens of secur __PUNCT__

that mean health_insur and a pension that thei can alwai count on __PUNCT__

that mean skill and train that can actual help peopl find a job __PUNCT__

and that mean wage that actual make work pai __PUNCT__

i ask for your support for thi econom_agenda __PUNCT__ both in thi campaign and if i should get the chanc to enact these polici as your presid __PUNCT__

i will not pretend it will come without cost __PUNCT__ but i do believ we can do achiev thi in a fiscal_respons wai __PUNCT__ certainli more so than the current administr that given us deficit as far as the ey can see __PUNCT__

i know some mai sai it anathema to come to wall_street and call for share sacrific so that all american can benefit from thi new economi of our __PUNCT__

but i believ that all of you ar as open and will to listen as anyon els in america __PUNCT__

i believ you care about thi countri and the futur we ar leav to the next gener __PUNCT__

i believ your work to be a part of build a stronger __PUNCT__ more vibrant __PUNCT__ and more just america __PUNCT__

i think the problem is that no on ha ask you to plai a part in the project of american renew __PUNCT__

i also realiz that there ar some who will sai that achiev all of thi is far too difficult __PUNCT__

that it is too hard to build consensu __PUNCT__

that we ar too divid and self __PUNCT__ interest to think about the respons we have to each other and to our countri __PUNCT__

that the time ar simpli too tough __PUNCT__

but then i am remind that we have been in tougher time and we have face far more difficult challeng __PUNCT__

and each time we have emerg stronger __PUNCT__ more unit __PUNCT__ and more prosper than the last __PUNCT__

it is faith in the american_ideal that carri us through __PUNCT__ as well as the belief that wa voic by franklin_roosevelt all those year_ago thi week __PUNCT__ failur is not an american habit __PUNCT__ and in the strength of great hope we must all shoulder our common load __PUNCT__

that is the strength and the hope we seek both todai __PUNCT__ and in all the dai and month to come __PUNCT__