People are finally starting to notice Barack Obama’s High School Class President style campaign. He promises everything and when he is done, then he promises some more.
I have looked at some of his speeches, and it is amazing that he is still getting away with it, hopefully the mainstream media will catch up eventually.
Outline of Obama Speech to AFL-CIO
Transcript of Obama Speech Regarding the Economy
Below is the full text of Barack Obama’s June 3rd, 2008 Democratic primary victory speech. However, this is still only a partial victory. First, Hillary hasn’t given up yet, and second Barack has only been able to accomplish the votes with unpledged delegates included in his count.
Text of Democrat Barack Obama’s prepared remarks for a rally on Tuesday in St. Paul, Minn., as released by his campaign:
Tonight, after 54 hard-fought contests, our primary season has finally come to an end.
Sixteen months have passed since we first stood together on the steps of the Old State Capitol in Springfield, Illinois. Thousands of miles have been traveled. Millions of voices have been heard. And because of what you said—because you decided that change must come to Washington; because you believed that this year must be different than all the rest; because you chose to listen not to your doubts or your fears but to your greatest hopes and highest aspirations, tonight we mark the end of one historic journey with the beginning of another—a journey that will bring a new and better day to America. Tonight, I can stand before you and say that I will be the Democratic nominee for president of the United States.
I want to thank every American who stood with us over the course of this campaign—through the good days and the bad; from the snows of Cedar Rapids to the sunshine of Sioux Falls. And tonight I also want to thank the men and woman who took this journey with me as fellow candidates for president.
At this defining moment for our nation, we should be proud that our party put forth one of the most talented, qualified field of individuals ever to run for this office. I have not just competed with them as rivals, I have learned from them as friends, as public servants, and as patriots who love America and are willing to work tirelessly to make this country better. They are leaders of this party, and leaders that America will turn to for years to come.
That is particularly true for the candidate who has traveled further on this journey than anyone else. Senator Hillary Clinton has made history in this campaign not just because she’s a woman who has done what no woman has done before, but because she’s a leader who inspires millions of Americans with her strength, her courage, and her commitment to the causes that brought us here tonight.
We’ve certainly had our differences over the last sixteen months. But as someone who’s shared a stage with her many times, I can tell you that what gets Hillary Clinton up in the morning—even in the face of tough odds—is exactly what sent her and Bill Clinton to sign up for their first campaign in Texas all those years ago; what sent her to work at the Children’s Defense Fund and made her fight for health care as first lady; what led her to the United States Senate and fueled her barrier-breaking campaign for the presidency—an unyielding desire to improve the lives of ordinary Americans, no matter how difficult the fight may be. And you can rest assured that when we finally win the battle for universal health care in this country, she will be central to that victory. When we transform our energy policy and lift our children out of poverty, it will be because she worked to help make it happen. Our party and our country are better off because of her, and I am a better candidate for having had the honor to compete with Hillary Rodham Clinton.
There are those who say that this primary has somehow left us weaker and more divided. Well I say that because of this primary, there are millions of Americans who have cast their ballot for the very first time. There are independents and Republicans who understand that this election isn’t just about the party in charge of Washington, it’s about the need to change Washington. There are young people, and African Americans, and Latinos, and women of all ages who have voted in numbers that have broken records and inspired a nation.
All of you chose to support a candidate you believe in deeply. But at the end of the day, we aren’t the reason you came out and waited in lines that stretched block after block to make your voice heard. You didn’t do that because of me or Senator Clinton or anyone else. You did it because you know in your hearts that at this moment—a moment that will define a generation—we cannot afford to keep doing what we’ve been doing. We owe our children a better future. We owe our country a better future. And for all those who dream of that future tonight, I say—let us begin the work together. Let us unite in common effort to chart a new course for America.
In just a few short months, the Republican Party will arrive in St. Paul with a very different agenda. They will come here to nominate John McCain, a man who has served this country heroically. I honor that service, and I respect his many accomplishments, even if he chooses to deny mine. My differences with him are not personal; they are with the policies he has proposed in this campaign.
Because while John McCain can legitimately tout moments of independence from his party in the past, such independence has not been the hallmark of his presidential campaign.
It’s not change when John McCain decided to stand with George Bush 95 percent of the time, as he did in the Senate last year.
It’s not change when he offers four more years of Bush economic policies that have failed to create well-paying jobs, or insure our workers, or help Americans afford the skyrocketing cost of college—policies that have lowered the real incomes of the average American family, widened the gap between Wall Street and Main Street, and left our children with a mountain of debt.
And it’s not change when he promises to continue a policy in Iraq that asks everything of our brave men and women in uniform and nothing of Iraqi politicians—a policy where all we look for are reasons to stay in Iraq, while we spend billions of dollars a month on a war that isn’t making the American people any safer.
So I’ll say this—there are many words to describe John McCain’s attempt to pass off his embrace of George Bush’s policies as bipartisan and new. But change is not one of them.
Change is a foreign policy that doesn’t begin and end with a war that should’ve never been authorized and never been waged. I won’t stand here and pretend that there are many good options left in Iraq, but what’s not an option is leaving our troops in that country for the next hundred years—especially at a time when our military is overstretched, our nation is isolated, and nearly every other threat to America is being ignored.
We must be as careful getting out of Iraq as we were careless getting in—but start leaving we must. It’s time for Iraqis to take responsibility for their future. It’s time to rebuild our military and give our veterans the care they need and the benefits they deserve when they come home. It’s time to refocus our efforts on al-Qaida’s leadership and Afghanistan, and rally the world against the common threats of the 21st century—terrorism and nuclear weapons; climate change and poverty; genocide and disease. That’s what change is.
Change is realizing that meeting today’s threats requires not just our firepower, but the power of our diplomacy—tough, direct diplomacy where the president of the United States isn’t afraid to let any petty dictator know where America stands and what we stand for. We must once again have the courage and conviction to lead the free world. That is the legacy of Roosevelt, and Truman, and Kennedy. That’s what the American people want. That’s what change is.
Change is building an economy that rewards not just wealth, but the work and workers who created it. It’s understanding that the struggles facing working families can’t be solved by spending billions of dollars on more tax breaks for big corporations and wealthy CEOs, but by giving the middle-class a tax break, and investing in our crumbling infrastructure, and transforming how we use energy, and improving our schools, and renewing our commitment to science and innovation. It’s understanding that fiscal responsibility and shared prosperity can go hand-in-hand, as they did when Bill Clinton was president.
John McCain has spent a lot of time talking about trips to Iraq in the last few weeks, but maybe if he spent some time taking trips to the cities and towns that have been hardest hit by this economy—cities in Michigan, and Ohio, and right here in Minnesota—he’d understand the kind of change that people are looking for.
Maybe if he went to Iowa and met the student who works the night shift after a full day of class and still can’t pay the medical bills for a sister who’s ill, he’d understand that she can’t afford four more years of a health care plan that only takes care of the healthy and wealthy. She needs us to pass a health care plan that guarantees insurance to every American who wants it and brings down premiums for every family who needs it. That’s the change we need.
Maybe if he went to Pennsylvania and met the man who lost his job but can’t even afford the gas to drive around and look for a new one, he’d understand that we can’t afford four more years of our addiction to oil from dictators. That man needs us to pass an energy policy that works with automakers to raise fuel standards, and makes corporations pay for their pollution, and oil companies invest their record profits in a clean energy future—an energy policy that will create millions of new jobs that pay well and can’t be outsourced. That’s the change we need.
And maybe if he spent some time in the schools of South Carolina or St. Paul or where he spoke tonight in New Orleans, he’d understand that we can’t afford to leave the money behind for No Child Left Behind; that we owe it to our children to invest in early childhood education; to recruit an army of new teachers and give them better pay and more support; to finally decide that in this global economy, the chance to get a college education should not be a privilege for the wealthy few, but the birthright of every American. That’s the change we need in America. That’s why I’m running for president.
The other side will come here in September and offer a very different set of policies and positions, and that is a debate I look forward to. It is a debate the American people deserve. But what you don’t deserve is another election that’s governed by fear, and innuendo, and division. What you won’t hear from this campaign or this party is the kind of politics that uses religion as a wedge, and patriotism as a bludgeon—that sees our opponents not as competitors to challenge, but enemies to demonize. Because we may call ourselves Democrats and Republicans, but we are Americans first. We are always Americans first.
Despite what the good Senator from Arizona said tonight, I have seen people of differing views and opinions find common cause many times during my two decades in public life, and I have brought many together myself. I’ve walked arm-in-arm with community leaders on the South Side of Chicago and watched tensions fade as black, white, and Latino fought together for good jobs and good schools. I’ve sat across the table from law enforcement and civil rights advocates to reform a criminal justice system that sent thirteen innocent people to death row. And I’ve worked with friends in the other party to provide more children with health insurance and more working families with a tax break; to curb the spread of nuclear weapons and ensure that the American people know where their tax dollars are being spent; and to reduce the influence of lobbyists who have all too often set the agenda in Washington.
In our country, I have found that this cooperation happens not because we agree on everything, but because behind all the labels and false divisions and categories that define us; beyond all the petty bickering and point-scoring in Washington, Americans are a decent, generous, compassionate people, united by common challenges and common hopes. And every so often, there are moments which call on that fundamental goodness to make this country great again.
So it was for that band of patriots who declared in a Philadelphia hall the formation of a more perfect union; and for all those who gave on the fields of Gettysburg and Antietam their last full measure of devotion to save that same union.
So it was for the greatest generation that conquered fear itself, and liberated a continent from tyranny and made this country home to untold opportunity and prosperity.
So it was for the workers who stood out on the picket lines; the women who shattered glass ceilings; the children who braved a Selma bridge for freedom’s cause.
So it has been for every generation that faced down the greatest challenges and the most improbable odds to leave their children a world that’s better, and kinder, and more just.
And so it must be for us.
America, this is our moment. This is our time. Our time to turn the page on the policies of the past. Our time to bring new energy and new ideas to the challenges we face. Our time to offer a new direction for the country we love.
The journey will be difficult. The road will be long. I face this challenge with profound humility, and knowledge of my own limitations. But I also face it with limitless faith in the capacity of the American people. Because if we are willing to work for it, and fight for it, and believe in it, then I am absolutely certain that generations from now, we will be able to look back and tell our children that this was the moment when we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth. This was the moment—this was the time—when we came together to remake this great nation so that it may always reflect our very best selves and our highest ideals. Thank you, God bless you, and may God bless the United States of America.
This is a speech that is interesting, but as the election continues will get more and more relevant. Obama has already weathered the storm that Hillary Clinton tried to attack him
regarding his sweeping generalities, but she had weakness to her attacks that detracted from their effect. She can and did attack the fact that Senator Obama usually makes speeches that a very general and that he does not talk about policy specifics, which she does. However, she cannot talk about the fact that he is academically dishonest with even his sweeping generalities because she is academically dishonest as well.
McCain on the other hand will have a chance to de-brand Senator Obama. In fact, this should be easy because Sen. McCain is actually what Sen. Obama claims to be, while Sen. Obama might actually be a little left on Mao. 
I stretch that a little, but he is one of the most liberal Senators.
Here is the speech, and be sure to check back during the general election:
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The Democrats have a problem. Should Hillary Clinton or Barack Obama drop out of the race for the Presidency? Howard Dean believes that one candidate should drop out by the end of June.
Why the big push? It is so that the Democrats don’t expose their hypocrisy. The Democrats claim to be the party of the people while they legislate from an elitist party platform. If Howard Dean lets the race go until the convention, then it will be obvious the rich elite control the party. There will be much more on this issue as we approach the Democratic Convention, but Dean pleas for treaty are just too blatant to let pass.
Dean said he won’t have to tell either Clinton or Obama when it’s time to leave the race.
Remarks of Senator Barack Obama: Renewing the American Economy
New York, NY | March 27, 2008
I want to thank Mayor Bloomberg for his extraordinary leadership. At a time when Washington is divided in old ideological battles, he shows us what can be achieved when we bring people together to seek pragmatic solutions. Not only has he been a remarkable leader for New York -he has established himself as a major voice in our national debate on issues like renewing our economy, educating our children, and seeking energy independence. Mr. Mayor, I share your determination to bring this country together to finally make progress for the American people.
In a city of landmarks, we meet at Cooper Union, just uptown from Federal Hall, where George Washington took the oath of office as the first President of the United States. With all the history that has passed through the narrow canyons of lower Manhattan, it is worth taking a moment to reflect on the role that the market has played in the development of the American story.
The great task before our Founders that day was putting into practice the ideal that government could simultaneously serve liberty and advance the common good. For Alexander Hamilton, the young Secretary of the Treasury, that task was bound to the vigor of the American economy.
Hamilton had a strong belief in the power of the market. But he balanced that belief with the conviction that human enterprise “may be beneficially stimulated by prudent aids and encouragements on the part of the government.” Government, he believed, had an important role to play in advancing our common prosperity. So he nationalized the state Revolutionary War debts, weaving together the economies of the states and creating an American system of credit and capital markets. And he encouraged manufacturing and infrastructure, so products could be moved to market.
Hamilton met fierce opposition from Thomas Jefferson, who worried that this brand of capitalism would favor the interests of the few over the many. Jefferson preferred an agrarian economy because he believed that it would give individual landowners freedom, and that this freedom would nurture our democratic institutions. But despite their differences, there was one thing that Jefferson and Hamilton agreed on – that economic growth depended upon the talent and ingenuity of the American people; that in order to harness that talent, opportunity had to remain open to all; and that through education in particular, every American could climb the ladder of social and economic mobility, and achieve the American Dream.
In the more than two centuries since then, we have struggled to balance the same forces that confronted Hamilton and Jefferson – self-interest and community; markets and democracy; the concentration of wealth and power, and the necessity of transparency and opportunity for each and every citizen. Throughout this saga, Americans have pursued their dreams within a free market that has been the engine of America’s progress. It’s a market that has created a prosperity that is the envy of the world, and opportunity for generations of Americans. A market that has provided great rewards to the innovators and risk-takers who have made America a beacon for science, and technology, and discovery.
But the American experiment has worked in large part because we have guided the market’s invisible hand with a higher principle. Our free market was never meant to be a free license to take whatever you can get, however you can get it. That is why we have put in place rules of the road to make competition fair, and open, and honest. We have done this not to stifle – but rather to advance prosperity and liberty. As I said at NASDAQ last September: the core of our economic success is the fundamental truth that each American does better when all Americans do better; that the well being of American business, its capital markets, and the American people are aligned.
I think all of us here today would acknowledge that we’ve lost that sense of shared prosperity.
This loss has not happened by accident. It’s because of decisions made in boardrooms, on trading floors and in Washington. Under Republican and Democratic Administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices. We let the special interests put their thumbs on the economic scales. The result has been a distorted market that creates bubbles instead of steady, sustainable growth; a market that favors Wall Street over Main Street, but ends up hurting both.
Nor is this trend new. The concentrations of economic power – and the failures of our political system to protect the American economy from its worst excesses – have been a staple of our past, most famously in the 1920s, when with success we ended up plunging the country into the Great Depression. That is when government stepped in to create a series of regulatory structures – from the FDIC to the Glass-Steagall Act – to serve as a corrective to protect the American people and American business.
Ironically, it was in reaction to the high taxes and some of the outmoded structures of the New Deal that both individuals and institutions began pushing for changes to this regulatory structure. But instead of sensible reform that rewarded success and freed the creative forces of the market, too often we’ve excused and even embraced an ethic of greed, corner cutting and inside dealing that has always threatened the long-term stability of our economic system. Too often, we’ve lost that common stake in each other’s prosperity.
Let me be clear: the American economy does not stand still, and neither should the rules that govern it. The evolution of industries often warrants regulatory reform – to foster competition, lower prices, or replace outdated oversight structures. Old institutions cannot adequately oversee new practices. Old rules may not fit the roads where our economy is leading. There were good arguments for changing the rules of the road in the 1990s. Our economy was undergoing a fundamental shift, carried along by the swift currents of technological change and globalization. For the sake of our common prosperity, we needed to adapt to keep markets competitive and fair.
Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one – aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight. In doing so, we encouraged a winner take all, anything goes environment that helped foster devastating dislocations in our economy.
Deregulation of the telecommunications sector, for example, fostered competition but also contributed to massive over-investment. Partial deregulation of the electricity sector enabled market manipulation. Companies like Enron and WorldCom took advantage of the new regulatory environment to push the envelope, pump up earnings, disguise losses and otherwise engage in accounting fraud to make their profits look better – a practice that led investors to question the balance sheet of all companies, and severely damaged public trust in capital markets. This was not the invisible hand at work. Instead, it was the hand of industry lobbyists tilting the playing field in Washington, an accounting industry that had developed powerful conflicts of interest, and a financial sector that fueled over-investment.
A decade later, we have deregulated the financial services sector, and we face another crisis. A regulatory structure set up for banks in the 1930s needed to change because the nature of business has changed. But by the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.
Since then, we have overseen 21st century innovation – including the aggressive introduction of new and complex financial instruments like hedge funds and non-bank financial companies – with outdated 20th century regulatory tools. New conflicts of interest recalled the worst excesses of the past – like the outrageous news that we learned just yesterday of KPMG allowing a lender to report profits instead of losses, so that both parties could make a quick buck. Not surprisingly, the regulatory environment failed to keep pace. When subprime mortgage lending took a reckless and unsustainable turn, a patchwork of regulators were unable or unwilling to protect the American people.
The policies of the Bush Administration threw the economy further out of balance. Tax cuts without end for the wealthiest Americans. A trillion dollar war in Iraq that didn’t need to be fought, paid for with deficit spending and borrowing from foreign creditors like China. A complete disdain for pay-as-you-go budgeting – coupled with a generally scornful attitude towards oversight and enforcement – allowed far too many to put short-term gain ahead of long term consequences. The American economy was bound to suffer a painful correction, and policymakers found themselves with fewer resources to deal with the consequences.
Today, those consequences are clear. I see them in every corner of our great country, as families face foreclosure and rising costs. I seem them in towns across America, where a credit crisis threatens the ability of students to get loans, and states can’t finance infrastructure projects. I see them here in Manhattan, where one of our biggest investment banks had to be bailed out, and the Fed opened its discount window to a host of new institutions with unprecedented implications we have yet to appreciate. When all is said and done, losses will be in the many hundreds of billions. What was bad for Main Street was bad for Wall Street. Pain trickled up.
That is why the principle that I spoke about at NASDAQ is even more urgently true today: in our 21st century economy, there is no dividing line between Main Street and Wall Street. The decisions made in New York’s high-rises have consequences for Americans across the country. And whether those Americans can make their house payments; whether they keep their jobs; or spend confidently without falling into debt – that has consequences for the entire market. The future cannot be shaped by the best-connected lobbyists with the best record of raising money for campaigns. This thinking is wrong for the financial sector and it’s wrong for our country.
I do not believe that government should stand in the way of innovation, or turn back the clock to an older era of regulation. But I do believe that government has a role to play in advancing our common prosperity: by providing stable macroeconomic and financial conditions for sustained growth; by demanding transparency; and by ensuring fair competition in the marketplace.
Our history should give us confidence that we don’t have to choose between an oppressive government-run economy and a chaotic and unforgiving capitalism. It tells us we can emerge from great economic upheavals stronger, not weaker. But we can do so only if we restore confidence in our markets. Only if we rebuild trust between investors and lenders. And only if we renew that common interest between Wall Street and Main Street that is the key to our success.
Now, as most experts agree, our economy is in a recession. To renew our economy – and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again – we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework, and pursue a bold opportunity agenda for the American people.
Most urgently, we must confront the housing crisis.
After months of inaction, the President spoke here in New York and warned against doing too much. His main proposal – extending tax cuts for the wealthiest Americans – is completely divorced from the reality that people are facing around the country. John McCain recently announced his own plan, and it amounts to little more than watching this crisis happen. While this is consistent with Senator McCain’s determination to run for George Bush’s third term, it won’t help families who are suffering, and it won’t help lift our economy out of recession.
Over two million households are at risk of foreclosure and millions more have seen their home values plunge. Many Americans are walking away from their homes, which hurts property values for entire neighborhoods and aggravates the credit crisis. To stabilize the housing market and help bring the foreclosure crisis to an end, I have sponsored Senator Chris Dodd’s legislation creating a new FHA Housing Security Program, which will provide meaningful incentives for lenders to buy or refinance existing mortgages. This will allow Americans facing foreclosure to keep their homes at rates they can afford.
Senator McCain argues that government should do nothing to protect borrowers and lenders who’ve made bad decisions, or taken on excessive risk. On this point, I agree. But the Dodd-Frank package is not a bailout for lenders or investors who gambled recklessly, as they will take losses. It is not a windfall for borrowers, as they will have to share any capital gain. Instead, it offers a responsible and fair way to help bring an end to the foreclosure crisis. It asks both sides to sacrifice, while preventing a long-term collapse that could have enormous ramifications for the most responsible lenders and borrowers, as well as the American people as a whole. That is what Senator McCain ignores.
For homeowners who were victims of fraud, I’ve also proposed a $10 billion Foreclosure Prevention Fund that would help them sell a home that is beyond their means, or modify their loan to avoid foreclosure or bankruptcy. It’s also time to amend our bankruptcy laws, so families aren’t forced to stick to the terms of a home loan that was predatory or unfair.
To prevent fraud in the future, I’ve proposed tough new penalties on fraudulent lenders, and a Home Score system that will allow consumers to find out more about mortgage offers and whether they’ll be able to make payments. To help low- and middle-income families, I’ve proposed a 10 percent mortgage interest tax credit that will allow homeowners who don’t itemize their taxes to access incentives for home ownership. And to expand home ownership, we must do more to help communities turn abandoned properties into affordable housing.
The government can’t do this alone, nor should it. As I said last September, lenders must get ahead of the curve rather than just reacting to crisis. They should actively look at all borrowers, offer workouts, and reduce the principal on mortgages in trouble. Not only can this prevent the larger losses associated with foreclosure and resale, but it can reduce the extent of government intervention and taxpayer exposure.
Beyond dealing with the immediate housing crisis, it is time for the federal government to revamp the regulatory framework dealing with our financial markets.
Our capital markets have helped us build the strongest economy in the world. They are a source of competitive advantage for our country. But they cannot succeed without the public’s trust. The details of regulatory reform should be developed through sound analysis and public debate. But there are several core principles for reform that I will pursue as President.
First, if you can borrow from the government, you should be subject to government oversight and supervision. Secretary Paulson admitted this in his remarks yesterday. The Federal Reserve should have basic supervisory authority over any institution to which it may make credit available as a lender of last resort. When the Fed steps in, it is providing lenders an insurance policy underwritten by the American taxpayer. In return, taxpayers have every right to expect that these institutions are not taking excessive risks. The nature of regulation should depend on the degree and extent of the Fed’s exposure. But at the very least, these new regulations should include liquidity and capital requirements.
Second, there needs to be general reform of the requirements to which all regulated financial institutions are subjected. Capital requirements should be strengthened, particularly for complex financial instruments like some of the mortgage securities that led to our current crisis. We must develop and rigorously manage liquidity risk. We must investigate rating agencies and potential conflicts of interest with the people they are rating. And transparency requirements must demand full disclosure by financial institutions to shareholders and counterparties.
As we reform our regulatory system at home, we must work with international arrangements like the Basel Committee on Banking Supervision, the International Accounting Standards Board, and the Financial Stability Forum to address the same problems abroad. The goal must be ensuring that financial institutions around the world are subject to similar rules of the road – both to make the system stable, and to keep our financial institutions competitive.
Third, we need to streamline a framework of overlapping and competing regulatory agencies. Reshuffling bureaucracies should not be an end in itself. But the large, complex institutions that dominate the financial landscape do not fit into categories created decades ago. Different institutions compete in multiple markets – our regulatory system should not pretend otherwise. A streamlined system will provide better oversight, and be less costly for regulated institutions.
Fourth, we need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. It makes no sense for the Fed to tighten mortgage guidelines for banks when two-thirds of subprime mortgages don’t originate from banks. This regulatory framework has failed to protect homeowners, and it is now clear that it made no sense for our financial system. When it comes to protecting the American people, it should make no difference what kind of institution they are dealing with.
Fifth, we must remain vigilant and crack down on trading activity that crosses the line to market manipulation. Reports have circulated in recent days that some traders may have intentionally spread rumors that Bear Stearns was in financial distress while making market bets against the company. The SEC should investigate and punish this kind of market manipulation, and report its conclusions to Congress.
Sixth, we need a process that identifies systemic risks to the financial system. Too often, we deal with threats to the financial system that weren’t anticipated by regulators. That’s why we should create a financial market oversight commission, which would meet regularly and provide advice to the President, Congress, and regulators on the state of our financial markets and the risks that face them. These expert views could help anticipate risks before they erupt into a crisis.
These six principles should guide the legal reforms needed to establish a 21st century regulatory system. But the change we need goes beyond laws and regulation – we need a shift in the cultures of our financial institutions and our regulatory agencies.
Financial institutions must do a better job at managing risks. There is something wrong when boards of directors or senior managers don’t understand the implications of the risks assumed by their own institutions. It’s time to realign incentives and compensation packages, so that both high level executives and employees better serve the interests of shareholders. And it’s time to confront the risks that come with excessive complexity. Even the best government regulation cannot fully substitute for internal risk management.
For supervisory agencies, oversight must keep pace with innovation. As the subprime crisis unfolded, tough questions about new and complex financial instruments were not asked. As a result, the public interest was not protected. We do American business – and the American people – no favors when we turn a blind eye to excessive leverage and dangerous risks.
Finally, the American people must be able to trust that their government is looking out for all of us – not just those who donate to political campaigns. I fought in the Senate for the most extensive ethics reform since Watergate. I have refused contributions from federal lobbyists and PACs. And I have laid out far-reaching plans that I intend to sign into law as President to bring transparency to government, and to end the revolving door between industries and the federal agencies that oversee them.
Once we deal with the immediate crisis in housing and strengthen the regulatory system governing our financial markets, our final task is to restore a sense of opportunity for all Americans.
The bedrock of our economic success is the American Dream. It’s a dream shared in big cities and small towns; across races, regions and religions – that if you work hard, you can support a family; that if you get sick, there will be health care you can afford; that you can retire with the dignity and security and respect that you have earned; that your kids can get a good education, and young people can go to college even if they’re not rich. That is our common hope across this country. That is the American Dream.
But today, for far too many Americans, this dream is slipping away. Wall Street has been gripped by increasing gloom over the last nine months. But for many American families, the economy has effectively been in recession for the past seven years. We have just come through the first sustained period of economic growth since World War II that was not accompanied by a growth in incomes for typical families. Americans are working harder for less. Costs are rising, and it’s not clear that we’ll leave a legacy of opportunity to our children and grandchildren.
That’s why, throughout this campaign, I’ve put forward a series of proposals that will foster economic growth from the bottom up, and not just from the top down. That’s why the last time I spoke on the economy here in New York, I talked about the need to put the policies of George W. Bush behind us – policies that have essentially said to the American people: “you are on your own”; because we need to pursue policies that once again recognize that we are in this together.
This starts with providing a stimulus that will reach the most vulnerable Americans, including immediate relief to areas hardest hit by the housing crisis, and a significant extension of unemployment insurance for those who are out of work. If we can extend a hand to banks on Wall Street, we can extend a hand to Americans who are struggling.
Beyond these short term measures, as President I will be committed to putting the American Dream on a firmer footing. To reward work and make retirement secure, we’ll provide an income tax cut of up to $1000 for a working family, and eliminate income taxes altogether for any retiree making less than $50,000 per year. To make health care affordable for all Americans, we’ll cut costs and provide coverage to all who need it. To put more Americans to work, we’ll create millions of new Green Jobs and invest in rebuilding our nation’s infrastructure. To extend opportunity, we’ll invest in our schools and our teachers, and make college affordable for every American. And to ensure that America stays on the cutting edge, we’ll expand broadband access, expand funding for basic scientific research, and pass comprehensive immigration reform so that we continue to attract the best and the brightest to our shores.
I know that making these changes won’t be easy. I will not pretend that this will come without cost, though I have presented ways we can achieve these changes in a fiscally responsible way. I know that we’ll have to overcome our doubts and divisions and the determined opposition of powerful special interests before we can truly advance opportunity and prosperity for all Americans.
But I would not be running for President if I didn’t think that this was a defining moment in our history. If we fail to overcome our divisions and continue to let special interest set the agenda, then America will fall behind. Short-term gains will continue to yield long-term costs. Opportunity will slip away on Main Street and prosperity will suffer here on Wall Street. But if we unite this country around a common purpose, if we act on the responsibilities that we have to each other and to our country, then we can launch a new era of opportunity and prosperity.
I know we can do this because Americans have done this before. Time and again, we’ve recognized that common stake that we have in each other’s success. That’s how people as different as Hamilton and Jefferson came together to launch the world’s greatest experiment in democracy. That’s why our economy hasn’t just been the world’s greatest wealth creator – it’s bound America together, it’s created jobs, and it’s made the dream of opportunity a reality for generations of Americans.
Now it falls to us. We have as our inheritance the greatest economy the world has ever known. We have the responsibility to continue the work that began on that spring day over two centuries ago right here in Manhattan – to renew our common purpose for a new century, and to write the next chapter in the story of America’s success. We can do this. And we can begin this work today.
This is the the talking point breakdown of Senator Barack Obama’s April 2nd, 2008 speech to the AFL-CIO.
This speech by Barack is the typical Democratic speech that glosses over reality and inserts their own. For instance, in this speech Barack completely ignores the fact that Unions and the union mentality has ruined the primary industries in the areas that it has entrenched itself like Michigan. That is not to say that Unions need to be stopped. I am open to Unions, they just shouldn’t mandate themselves on the macro-economy. In the end the goal of the Union is not for the company to make money it is for the workers to get what the “want.” Workers will always want more, I would, and if a union wants its members to keep paying dues, they need to keep coming up with new demands.
If these workers could make money the way that they wanted to, they should get a loan from the bank and start up a company that way.
Additionally, Barack talks about lobbyist influence in this speech, and lobbyists have been a regular target on his campaign. However, while he hasn’t taken PAC money he has taken money from all of the big industry leaders that have the PACs. Also, as someone who works with Capitol Hill. They need lobbyists- not for money, but industry expertise. How else would they know how the market would react to certain proposals even labor needs lobbyists. Lobbyists should not be villanized, but since lobbying is supported in the constitution I guess it makes since that a Democrat like Barack Obama would attack the idea of it.
Below are his main points. Click here for the transcript. Click here for the outline.
Remarks for Senator Barack Obama: AFL-CIO
Philadelphia, PA | April 02, 2008
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