A special message from Obama for America Campaign Manager David Plouffe:
One year ago today, you made history. We all knew that electing Barack Obama President was only the opportunity to bring about change; that we would all have to keep working to fulfill the promise our victory offered. And you've come through -- by making hundreds of thousands of calls to Congress to push health reform forward, by pouring your effort into seemingly insurmountable challenges time and again, and, since January, by building on the power of our campaign to create Organizing for America. And now, with the finish line on health reform in sight, we need your voice more than ever before. To mark this special day, President Obama just recorded a video for supporters like you -- please watch his message, and sign up to join OFA in your community today.Thank you so much for fighting so hard and giving so much to make the promise of a stronger, more just and prosperous America in the years ahead a reality: http://my.barackobama.com/Year My best, David Plouffe
One year ago today, you made history. We all knew that electing Barack Obama President was only the opportunity to bring about change; that we would all have to keep working to fulfill the promise our victory offered. And you've come through -- by making hundreds of thousands of calls to Congress to push health reform forward, by pouring your effort into seemingly insurmountable challenges time and again, and, since January, by building on the power of our campaign to create Organizing for America. And now, with the finish line on health reform in sight, we need your voice more than ever before. To mark this special day, President Obama just recorded a video for supporters like you -- please watch his message, and sign up to join OFA in your community today.
Thank you so much for fighting so hard and giving so much to make the promise of a stronger, more just and prosperous America in the years ahead a reality: http://my.barackobama.com/Year My best, David Plouffe
(CNN) – Ninety-six percent of African-Americans approve of how Obama is handling his presidency, according to a CNN/Essence Magazine/Opinion Research Corp. poll released Thursday.
The poll was conducted May 16-18, in telephone interviews with 505 African-Americans and 501 whites.
WoW....Only 96%!!!!!!!!
What happened to the other 4 percenters?!!!!!!!
Now This is ONE RiGGED Poll.
God Bless Our President and God Bless ALL of The United States of America.
Iranian People Please continue to cry out to God for Your Breakthrough and Your Victory!!!!
Your Iranian Change Revolution Movement is Being heard and televised!!!!!
The Sound by William Murphy
There is a sound that you are waiting to hear,The sound that you will use to break your People through,So we lift our voices in praise,And we'll sing unto you Lord,It's the sound that you heard at Jericho,It's the sound that you heard in that Philippian jail, It's the sound that you will use to set your people free,There is a sound that tells me what you need,The sound that sound that draws me to where you are, tells me what your ready for,So we lift our voices in praise,And we'll sing unto you Lord,It's the sound that you heard at Jericho,It's the sound that you heard in that Philippian jail, It's the sound that you will use to set your people free,It's the sound that you heard(when I was going through)It's the sound that you heard(when I was crying out for you)It's the sound that you will use to set your people free,It's the sound of Jubilee, set your people free,Release my destiny, I want it all backIt's the sound of Jubilee, set your people freeRelease my destiny, I want it all backSet your people free(4x's)I want it all(4x's)
Set your people free...all gospelyrics.com
(Continued)
The Obama Administration also announced the launch of a new web site for people looking for more information on the plan: www.opportunity.gov.
The president's remarks followed the announcement today that the unemployment rate rose to 8.9 percent in April, although monthly job loss total fell to the lowest level in six months. President Obama addressed the news, explaining:
This morning we learned that our economy lost another 539,000 jobs in the month of April. And while it's somewhat encouraging that this number is lower than it's been in each of the past six months, it's still a sobering toll. The unemployment rate is at its highest point in 25 years. It underscores the point that we're still in the midst of a recession that was years in the making and will be months or even years in the unmaking; and we should expect further job losses in the months to come.Although we have a long way to go before we can put this recession behind us, the gears of our economic engine do appear to slowly -- to be slowly turning once again. Consumer spending and home sales are stabilizing; construction spending is up for the first time in six months. So step by step, we're beginning to make progress.
Please Continue to call/hound the Trojan Horse Dems (Evan Bayhs and his crew). We know that their primary job and goal is to hinder and block the President's Budget. Mr. Conrad was on MSNBC with Nora trying to justify the reason why he is "cutting" the President's Budget. P.S. he had a slick and sly grin on his Face. Please let him know that this is not Funny Nor is it Amusing. Can Someone please post their names and contact information again?.
Ben Posted that Bayh's little "lobbyist problem" is considered by many to be what tanked his Vice Presidential aspirations. His wife Susan earns about $837,000 a year serving on seven corporate boards, among them Wellpoint, a health insurance company for which Bayh helped secure a $24.7 million dollar grant. She's on the board of ETrade, even as Bayh is on the Senate Finance Committee.
We will rebuild, we will recover, and the United States of America will emerge stronger than before.
I’ve come here tonight not only to address the distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here. I know that for many Americans watching right now, the state of our economy is a concern that rises above all others. And rightly so. If you haven’t been personally affected by this recession, you probably know someone who has – a friend; a neighbor; a member of your family. You don’t need to hear another list of statistics to know that our economy is in crisis, because you live it every day. It’s the worry you wake up with and the source of sleepless nights. It’s the job you thought you’d retire from but now have lost; the business you built your dreams upon that’s now hanging by a thread; the college acceptance letter your child had to put back in the envelope. The impact of this recession is real, and it is everywhere. http://my.barackobama.com/page/community/post/obamaforamerica/gGxhZl/commentary#comment-gGLXYL
I am glad that President Obama is taking a trip today, because he had not had a break since he won the Presidency.
It is so awesome how the American People are starting grassroots foundations and groups. I love how this Change Movement is Already Changing America and the Whole Wide World.
The following speech by Frankin Delano Roosevelt was given at Oglethorpe University's 1932 Commencement. In this speech the future President laid out a plan of action for getting America back on track. My favorite line is near the bottom where Roosevelt says:
The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach.
A great speech that we should read as we move from running for President to running this country.
President Jacobs, members and friends of Oglethorpe University, and especially you, my fellow members of the Class of 1932:FOR ME, as for you, this is a day of honorable attainment. For the honor conferred upon me I am deeply grateful, and I felicitate you upon yours, even though I cannot share with you that greater satisfaction which comes from a laurel worked for and won. For many of you, doubtless, this mark of distinction which you have received today has meant greater sacrifice by your parents or by yourselves, than you anticipated when you matriculated almost four years ago. The year 1928 does not seem far in the past, but since that time, as all of us are aware, the world about us has experienced significant changes. Four years ago, if you heard and believed the tidings of the time, you could expect to take your place in a society well supplied with material things and could look forward to the not too distant time when you would be living in your own homes, each (if you believed the politicians) with a two-car garage; and, without great effort, would be providing yourselves and your families with all the necessities and amenities of life, and perhaps in addition, assure by your savings their security and your own in the future. Indeed, if you were observant, you would have seen that many of your elders had discovered a still easier road to material success. They had found that once they had accumulated a few dollars they needed only to put them in the proper place and then sit back and read in comfort the hieroglyphics called stock quotations which proclaimed that their wealth was mounting miraculously without any work or effort on their part. Many who were called and who are still pleased to call themselves the leaders of finance celebrated and assured us of an eternal future for this easy-chair mode of living. And to the stimulation of belief in this dazzling chimera were lent not only the voices of some of our public men in high office, but their influence and the material aid of the very instruments of Government which they controlled.How sadly different is the picture which we see around us today! If only the mirage had vanished, we should not complain, for we should all be better off. But with it have vanished, not only the easy gains of speculation, but much of the savings of thrifty and prudent men and women, put by for their old age and for the education of their children. With these savings has gone, among millions of our fellow citizens, that sense of security to which they have rightly felt they are entitled in a land abundantly endowed with natural resources and with productive facilities to convert them into the necessities of life for all of our population. More calamitous still, there has vanished with the expectation of future security the certainty of today's bread and clothingSome of you--I hope not many--are wondering today how and where you will be able to earn your living a few weeks or a few months hence. Much has been written about the hope of youth. I prefer to emphasize another quality. I hope that you who have spent four years in an institution whose fundamental purpose, I take it, is to train us to pursue truths relentlessly and to look at them courageously, will face the unfortunate state of the world about you with greater clarity of vision than many of your elders.As you have viewed this world of which you are about to become a more active part, I have no doubt that you have been impressed by its chaos, its lack of plan. Perhaps some of you have used stronger language. And stronger language is justified. Even had you been graduating, instead of matriculating, in these rose-colored days of 1928, you would, I believe, have perceived this condition. For beneath all the happy optimism of those days there existed lack of plan and a great waste.This failure to measure true values and to look ahead extended to almost every industry, every profession, every walk of life. Take, for example, the vocation of higher education itself.If you had been intending to enter the profession of teaching, you would have found that the universities, the colleges, the normal schools of our country were turning out annually far more trained teachers than the schools of the country could possibly use or absorb. You and I know that the number of teachers needed in the Nation is a relatively stable figure, little affected by the depression and capable of fairly accurate estimate in advance with due consideration for our increase in population. And yet, we have continued to add teaching courses, to accept every young man or young woman in those courses without any thought or regard for the law of supply and demand. In the State of New York alone, for example, there are at least seven thousand qualified teachers who are out of work, unable to earn a livelihood in their chosen profession just because nobody had the wit or the forethought to tell them in their younger days that the profession of teaching was gravely oversupplied.Take, again, the profession of the law. Our common sense tells us that we have too many lawyers and that thousands of them, thoroughly trained, are either eking out a bare existence or being compelled to work with their hands, or are turning to some other business in order to keep themselves from becoming objects of charity. The universities, the bar, the courts themselves have done little to bring this situation to the knowledge of young men who are considering entering any one of our multitude of law schools. Here again foresight and planning have been notable for their complete absence.In the same way we cannot review carefully the history of our industrial advance without being struck with its haphazardness, the gigantic waste with which it has been accomplished, the superfluous duplication of productive facilities, the continual scrapping of still useful equipment, the tremendous mortality in industrial and commercial undertakings, the thousands of dead-end trails into which enterprise has been lured, the profligate waste of natural resources. Much of this waste is the inevitable by-product of progress in a society which values individual endeavor and which is susceptible to the changing tastes and customs of the people of which it is composed. But much of it, I believe, could have been prevented by greater foresight and by a larger measure of social planning. Such controlling and directive forces as have been developed in recent years reside to a dangerous degree in groups having special interests in our economic order, interests which do not coincide with the interests of the Nation as a whole. I believe that the recent course of our history has demonstrated that, while we may utilize their expert knowledge of certain problems and the special facilities with which they are familiar, we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities--an outlook which deserves the adjectives "selfish" and "opportunist."You have been struck, I know, by the tragic irony of our economic situation today. We have not been brought to our present state by any natural calamity--by drought or floods or earthquakes or by the destruction of our productive machine or our man power. Indeed, we have a superabundance of raw materials, a more than ample supply of equipment for manufacturing these materials into the goods which we need, and transportation and commercial facilities for making them available to all who need them. But raw materials stand unused, factories stand idle, railroad traffic continues to dwindle, merchants sell less and less, while millions of able-bodied men and women, in dire need, are clamoring for the opportunity to work. This is the awful paradox with which we are confronted, a stinging rebuke that challenges our power to operate the economic machine which we have created.We are presented with a multitude of views as to how we may again set into motion that economic machine. Some hold to the theory that the periodic slowing down of our economic machine is one of its inherent peculiarities--a peculiarity which we must grin, if we can, and bear because if we attempt to tamper with it we shall cause even worse ailments. According to this theory, as I see it, if we grin and bear long enough, the economic machine will eventually begin to pick up speed and in the course of an indefinite number of years will again attain that maximum number of revolutions which signifies what we have been wont to miscall prosperity, but which, alas, is but a last ostentatious twirl of the economic machine before it again succumbs to that mysterious impulse to slow down again. This attitude toward our economic machine requires not only greater stoicism, but greater faith in immutable economic law and less faith in the ability of man to control what he has created than I, for one, have. Whatever elements of truth lie in it, it is an invitation to sit back and do nothing; and all of us are suffering today, I believe, because this comfortable theory was too thoroughly implanted in the minds of some of our leaders, both in finance and in public affairs.Other students of economics trace our present difficulties to the ravages of the World War and its bequest of unsolved political and ,economic and financial problems. Still others trace our difficulties to defects in the world's monetary systems. Whether it be an original cause, an accentuating cause, or an effect, the drastic change in the value of our monetary unit in terms of the commodities is a problem which we must meet straightforwardly. It is self-evident that we must either restore commodities to a level approximating their dollar value of several years ago or else that we must continue the destructive process of reducing, through defaults or through deliberate writing down, obligations assumed at a higher price level.Possibly because of the urgency and complexity of this phase of our problem some of our economic thinkers have been occupied with it to the exclusion of other phases of as great importance.Of these other phases, that which seems most important to me in the long run is the problem of controlling by adequate planning the creation and distribution of those products which our vast economic machine is capable of yielding. It is true that capital, whether public or private, is needed in the creation of new enterprise and that such capital gives employment.But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb. It is the same story as the thoughtless turning out of too many school teachers and too many lawyers.Here again, in the field of industry and business many of those whose primary solicitude is confined to the welfare of what they call capital have failed to read the lessons of the past few years and have been moved less by calm analysis of the needs of the Nation as a whole than by a blind determination to preserve their own special stakes in the economic order. I do not mean to intimate that we have come to the end of this period of expansion. We shall continue to need capital for the production of newly-invented devices, for the replacement of equipment worn out or rendered obsolete by our technical progress; we need better housing in many of our cities and we still need in many parts of the country more good roads, canals, parks and other improvements.But it seems to me probable that our physical economic plant will not expand in the future at the same rate at which it has expanded in the past. We may build more factories, but the fact remains that we have enough now to supply all of our domestic needs, and more, if they are used. With these factories we can now make more shoes, more textiles, more steel, more radios, more automobiles, more of almost everything than we can use.No, our basic trouble was not an insufficiency of capital. It was an insufficient distribution of buying power coupled with an over-sufficient speculation in production. While wages rose in many of our industries, they did not as a whole rise proportionately to the reward to capital, and at the same time the purchasing power of other great groups of our population was permitted to shrink. We accumulated such a superabundance of capital that our great bankers were vying with each other, some of them employing questionable methods, in their efforts to lend this capital at home and abroad.I believe that we are at the threshold of a fundamental change in our popular economic thought, that in the future we are going to think less about the producer and more about the consumer. Do what we may have to do to inject life into our ailing economic order, we cannot make it endure for long unless we can bring about a wiser, more equitable distribution of the national income.It is well within the inventive capacity of man, who has built up this great social and economic machine capable of satisfying the wants of all, to insure that all who are willing and able to work receive from it at least the necessities of life. In such a system, the reward for a day's work will have to be greater, on the average, than it has been, and the reward to capital, especially capital which is speculative, will have to be less. But I believe that after the experience of the last three years, the average citizen would rather receive a smaller return upon his savings in return for greater security for the principal, than experience for a moment the thrill or the prospect of being a millionaire only to find the next moment that his fortune, actual or expected, has withered in his hand because the economic machine has again broken down.It is toward that objective that we must move if we are to profit by our recent experiences. Probably few will disagree that the goal is desirable. Yet many, of faint heart, fearful of change, sitting tightly on the roof-tops in the flood, will sternly resist striking out for it, lest they fail to attain it. Even among those who are ready to attempt the journey there will be violent differences of opinion as to how it should be made. So complex, so widely distributed over our whole society are the problems which confront us that men and women of common aim do not agree upon the method of attacking them. Such disagreement leads to doing nothing, to drifting. Agreement may come too late.Let us not confuse objectives with methods. Too many so-called leaders of the Nation fail to see the forest because of the trees. Too many of them fail to recognize the vital necessity of planning for definite objectives. True leadership calls for the setting forth of the objectives and the rallying of public opinion in support of these objectives.Do not confuse objectives with methods. When the Nation becomes substantially united in favor of planning the broad objectives of civilization, then true leadership must unite thought behind definite methods.The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach.We need enthusiasm, imagination and the ability to face facts, even unpleasant ones, bravely. We need to correct, by drastic means if necessary, the faults in our economic system from which we now suffer. We need the courage of the young. Yours is not the task of making your way in the world, but the task of remaking the world which you will find before you. May every one of us be granted the courage, the faith and the vision to give the best that is in us to that remaking!" [Click here for an analysis of this speech from the Georgia Historical Quarterly]
President Jacobs, members and friends of Oglethorpe University, and especially you, my fellow members of the Class of 1932:
FOR ME, as for you, this is a day of honorable attainment. For the honor conferred upon me I am deeply grateful, and I felicitate you upon yours, even though I cannot share with you that greater satisfaction which comes from a laurel worked for and won. For many of you, doubtless, this mark of distinction which you have received today has meant greater sacrifice by your parents or by yourselves, than you anticipated when you matriculated almost four years ago. The year 1928 does not seem far in the past, but since that time, as all of us are aware, the world about us has experienced significant changes. Four years ago, if you heard and believed the tidings of the time, you could expect to take your place in a society well supplied with material things and could look forward to the not too distant time when you would be living in your own homes, each (if you believed the politicians) with a two-car garage; and, without great effort, would be providing yourselves and your families with all the necessities and amenities of life, and perhaps in addition, assure by your savings their security and your own in the future. Indeed, if you were observant, you would have seen that many of your elders had discovered a still easier road to material success. They had found that once they had accumulated a few dollars they needed only to put them in the proper place and then sit back and read in comfort the hieroglyphics called stock quotations which proclaimed that their wealth was mounting miraculously without any work or effort on their part.
Many who were called and who are still pleased to call themselves the leaders of finance celebrated and assured us of an eternal future for this easy-chair mode of living. And to the stimulation of belief in this dazzling chimera were lent not only the voices of some of our public men in high office, but their influence and the material aid of the very instruments of Government which they controlled.
How sadly different is the picture which we see around us today! If only the mirage had vanished, we should not complain, for we should all be better off. But with it have vanished, not only the easy gains of speculation, but much of the savings of thrifty and prudent men and women, put by for their old age and for the education of their children. With these savings has gone, among millions of our fellow citizens, that sense of security to which they have rightly felt they are entitled in a land abundantly endowed with natural resources and with productive facilities to convert them into the necessities of life for all of our population. More calamitous still, there has vanished with the expectation of future security the certainty of today's bread and clothing
Some of you--I hope not many--are wondering today how and where you will be able to earn your living a few weeks or a few months hence. Much has been written about the hope of youth. I prefer to emphasize another quality. I hope that you who have spent four years in an institution whose fundamental purpose, I take it, is to train us to pursue truths relentlessly and to look at them courageously, will face the unfortunate state of the world about you with greater clarity of vision than many of your elders.
As you have viewed this world of which you are about to become a more active part, I have no doubt that you have been impressed by its chaos, its lack of plan. Perhaps some of you have used stronger language. And stronger language is justified. Even had you been graduating, instead of matriculating, in these rose-colored days of 1928, you would, I believe, have perceived this condition. For beneath all the happy optimism of those days there existed lack of plan and a great waste.
This failure to measure true values and to look ahead extended to almost every industry, every profession, every walk of life. Take, for example, the vocation of higher education itself.
If you had been intending to enter the profession of teaching, you would have found that the universities, the colleges, the normal schools of our country were turning out annually far more trained teachers than the schools of the country could possibly use or absorb. You and I know that the number of teachers needed in the Nation is a relatively stable figure, little affected by the depression and capable of fairly accurate estimate in advance with due consideration for our increase in population. And yet, we have continued to add teaching courses, to accept every young man or young woman in those courses without any thought or regard for the law of supply and demand. In the State of New York alone, for example, there are at least seven thousand qualified teachers who are out of work, unable to earn a livelihood in their chosen profession just because nobody had the wit or the forethought to tell them in their younger days that the profession of teaching was gravely oversupplied.
Take, again, the profession of the law. Our common sense tells us that we have too many lawyers and that thousands of them, thoroughly trained, are either eking out a bare existence or being compelled to work with their hands, or are turning to some other business in order to keep themselves from becoming objects of charity. The universities, the bar, the courts themselves have done little to bring this situation to the knowledge of young men who are considering entering any one of our multitude of law schools. Here again foresight and planning have been notable for their complete absence.
In the same way we cannot review carefully the history of our industrial advance without being struck with its haphazardness, the gigantic waste with which it has been accomplished, the superfluous duplication of productive facilities, the continual scrapping of still useful equipment, the tremendous mortality in industrial and commercial undertakings, the thousands of dead-end trails into which enterprise has been lured, the profligate waste of natural resources. Much of this waste is the inevitable by-product of progress in a society which values individual endeavor and which is susceptible to the changing tastes and customs of the people of which it is composed. But much of it, I believe, could have been prevented by greater foresight and by a larger measure of social planning. Such controlling and directive forces as have been developed in recent years reside to a dangerous degree in groups having special interests in our economic order, interests which do not coincide with the interests of the Nation as a whole. I believe that the recent course of our history has demonstrated that, while we may utilize their expert knowledge of certain problems and the special facilities with which they are familiar, we cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money and the marketing of securities--an outlook which deserves the adjectives "selfish" and "opportunist."
You have been struck, I know, by the tragic irony of our economic situation today. We have not been brought to our present state by any natural calamity--by drought or floods or earthquakes or by the destruction of our productive machine or our man power. Indeed, we have a superabundance of raw materials, a more than ample supply of equipment for manufacturing these materials into the goods which we need, and transportation and commercial facilities for making them available to all who need them. But raw materials stand unused, factories stand idle, railroad traffic continues to dwindle, merchants sell less and less, while millions of able-bodied men and women, in dire need, are clamoring for the opportunity to work. This is the awful paradox with which we are confronted, a stinging rebuke that challenges our power to operate the economic machine which we have created.
We are presented with a multitude of views as to how we may again set into motion that economic machine. Some hold to the theory that the periodic slowing down of our economic machine is one of its inherent peculiarities--a peculiarity which we must grin, if we can, and bear because if we attempt to tamper with it we shall cause even worse ailments. According to this theory, as I see it, if we grin and bear long enough, the economic machine will eventually begin to pick up speed and in the course of an indefinite number of years will again attain that maximum number of revolutions which signifies what we have been wont to miscall prosperity, but which, alas, is but a last ostentatious twirl of the economic machine before it again succumbs to that mysterious impulse to slow down again. This attitude toward our economic machine requires not only greater stoicism, but greater faith in immutable economic law and less faith in the ability of man to control what he has created than I, for one, have. Whatever elements of truth lie in it, it is an invitation to sit back and do nothing; and all of us are suffering today, I believe, because this comfortable theory was too thoroughly implanted in the minds of some of our leaders, both in finance and in public affairs.
Other students of economics trace our present difficulties to the ravages of the World War and its bequest of unsolved political and ,economic and financial problems. Still others trace our difficulties to defects in the world's monetary systems. Whether it be an original cause, an accentuating cause, or an effect, the drastic change in the value of our monetary unit in terms of the commodities is a problem which we must meet straightforwardly. It is self-evident that we must either restore commodities to a level approximating their dollar value of several years ago or else that we must continue the destructive process of reducing, through defaults or through deliberate writing down, obligations assumed at a higher price level.
Possibly because of the urgency and complexity of this phase of our problem some of our economic thinkers have been occupied with it to the exclusion of other phases of as great importance.
Of these other phases, that which seems most important to me in the long run is the problem of controlling by adequate planning the creation and distribution of those products which our vast economic machine is capable of yielding. It is true that capital, whether public or private, is needed in the creation of new enterprise and that such capital gives employment.
But think carefully of the vast sums of capital or credit which in the past decade have been devoted to unjustified enterprises--to the development of unessentials and to the multiplying of many products far beyond the capacity of the Nation to absorb. It is the same story as the thoughtless turning out of too many school teachers and too many lawyers.
Here again, in the field of industry and business many of those whose primary solicitude is confined to the welfare of what they call capital have failed to read the lessons of the past few years and have been moved less by calm analysis of the needs of the Nation as a whole than by a blind determination to preserve their own special stakes in the economic order. I do not mean to intimate that we have come to the end of this period of expansion. We shall continue to need capital for the production of newly-invented devices, for the replacement of equipment worn out or rendered obsolete by our technical progress; we need better housing in many of our cities and we still need in many parts of the country more good roads, canals, parks and other improvements.
But it seems to me probable that our physical economic plant will not expand in the future at the same rate at which it has expanded in the past. We may build more factories, but the fact remains that we have enough now to supply all of our domestic needs, and more, if they are used. With these factories we can now make more shoes, more textiles, more steel, more radios, more automobiles, more of almost everything than we can use.
No, our basic trouble was not an insufficiency of capital. It was an insufficient distribution of buying power coupled with an over-sufficient speculation in production. While wages rose in many of our industries, they did not as a whole rise proportionately to the reward to capital, and at the same time the purchasing power of other great groups of our population was permitted to shrink. We accumulated such a superabundance of capital that our great bankers were vying with each other, some of them employing questionable methods, in their efforts to lend this capital at home and abroad.
I believe that we are at the threshold of a fundamental change in our popular economic thought, that in the future we are going to think less about the producer and more about the consumer. Do what we may have to do to inject life into our ailing economic order, we cannot make it endure for long unless we can bring about a wiser, more equitable distribution of the national income.
It is well within the inventive capacity of man, who has built up this great social and economic machine capable of satisfying the wants of all, to insure that all who are willing and able to work receive from it at least the necessities of life. In such a system, the reward for a day's work will have to be greater, on the average, than it has been, and the reward to capital, especially capital which is speculative, will have to be less. But I believe that after the experience of the last three years, the average citizen would rather receive a smaller return upon his savings in return for greater security for the principal, than experience for a moment the thrill or the prospect of being a millionaire only to find the next moment that his fortune, actual or expected, has withered in his hand because the economic machine has again broken down.
It is toward that objective that we must move if we are to profit by our recent experiences. Probably few will disagree that the goal is desirable. Yet many, of faint heart, fearful of change, sitting tightly on the roof-tops in the flood, will sternly resist striking out for it, lest they fail to attain it. Even among those who are ready to attempt the journey there will be violent differences of opinion as to how it should be made. So complex, so widely distributed over our whole society are the problems which confront us that men and women of common aim do not agree upon the method of attacking them. Such disagreement leads to doing nothing, to drifting. Agreement may come too late.
Let us not confuse objectives with methods. Too many so-called leaders of the Nation fail to see the forest because of the trees. Too many of them fail to recognize the vital necessity of planning for definite objectives. True leadership calls for the setting forth of the objectives and the rallying of public opinion in support of these objectives.
Do not confuse objectives with methods. When the Nation becomes substantially united in favor of planning the broad objectives of civilization, then true leadership must unite thought behind definite methods.
We need enthusiasm, imagination and the ability to face facts, even unpleasant ones, bravely. We need to correct, by drastic means if necessary, the faults in our economic system from which we now suffer. We need the courage of the young. Yours is not the task of making your way in the world, but the task of remaking the world which you will find before you. May every one of us be granted the courage, the faith and the vision to give the best that is in us to that remaking!"
[Click here for an analysis of this speech from the Georgia Historical Quarterly]
Thank you very much, Madam President. And thank you to the distinguished Senator from Connecticut, not only for yielding time, but also for the extraordinarily hard work that he's put in over the last several days, and in fact, over a week. And I want to thank his counterparts on the other side, including Senator Gregg, for their hard work. Now, the fact that we're even here voting on a plan to rescue our economy from the greed and irresponsibility of Wall Street, and some in Washington, is an outrage. It's an outrage to every American who works hard, pays their taxes, and is doing their best every day to make a better life for themselves and their families. And understandably, people are frustrated. They're angry that Wall Street's mistakes have put their tax dollars at risk. And they should be. I'm frustrated and angry, too. But while there's plenty of blame to go around, and many in Washington and Wall Street who deserve it, all of us -- all of us -- have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now's not the time to argue about how it got set or did the neighbor sleep in his bed or leave the stove on. Right now we want to put out that fire. And now's the time for us to come together and do that. When the House of Representatives failed to act on Monday, we saw the single largest decline in the stock market in two decades. Over $1 trillion of wealth was lost by the time the markets closed. And it wasn't just the wealth a few CEOs or Wall Street executives. The 401(k)s and retirement accounts of millions became smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hard-working Americans who invested their nest egg to watch it grow saw it diminish and in some cases disappear. And while that decline was devastating, the consequences of the credit crisis that caused it will be even worse if we do not act now. We're in a very dangerous situation where financial institutions across this country are afraid to lend money. And if all that meant was the failure of a few banks in New York, that would be one thing. But that's not what it means. What it means is, if we don't act, it will be harder for Americans to get a mortgage for their home or loans they need to buy a car or send their children to college. What it means is that businesses won't be able to get the loans they need to open a new factory or make payroll for their workers. And if they can't make payroll on Friday, then workers are laid off on Monday. And if workers are laid off on Monday, then they can't pay their bills or pay back their loans to somebody else. And it will go on and on and on, rippling through the entire economy. Potentially we could see thousands of businesses close, millions of jobs could be lost, and a long and painful recession could follow. In other words, this is not just a Wall Street crisis, it's an American crisis. And it's the American economy that needs this rescue plan. understand completely why people would be skeptical when this president asks for a blank check to solve this problem. I was too, as was Senator Dodd, and a whole bunch of us here. That's why over a week ago, I demanded that this plan include some specific proposals to protect taxpayers. Protections that the administration eventually agreed to, and thanks to the hard work of Senator Dodd and Republican counterparts like Senator Gregg, we here in the Senate have agreed to and now hopefully the House will agree to as well. Let me just go over those principles. Number one, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way. Number two, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too. Number three, I said that I would not allow this plan to become a welfare program for Wall Street executives whose greed and irresponsibility got us into this mess. And finally, I said that if American taxpayers are financing this solution, then they have to be treated like investors. They should get every penny of their tax dollars back once the economy recovers. Now, this last part is important because it's been the most misunderstood and poorly communicated part of this plan. This is not a plan to just hand over $700 billion of taxpayer money to a few banks. If this is managed correctly -- and that's an important "if" -- we will hopefully get most or all of our money back and possibly even turn a profit on the government's intervention. Every penny of which will go directly back to the American people. And if we fall short, we will levee a fee on financial institutions so that they can repay for the losses that they caused. Now, let's acknowledge, even with all these taxpayer protections, this plan is not perfect. Democrats and Republicans in Congress have legitimate concerns about it. Some of my closest colleagues, people I have the greatest respect for, still have problems with it and may choose to vote against this bill, and I think that we can respectfully disagree. I understand their frustrations. I also know that many Americans share their concerns. But it's clear that from my perspective, this is what we need to do right now. To prevent the possibility of a crisis turning into a catastrophe. It is conceivable, it's possible that if we did nothing, everything would turn out okay. It's -- there's a possibility that that's true. And there's no doubt that there may be other plans out there that, had we had two or three or six months to develop, might be even more refined and might serve our purposes better. But we don't have that kind of time. And we can't afford to take a risk that the economy of the United states of America and as a consequence the worldwide economy, could be plunged into a very, very deep hole. So to Democrats and Republicans who've opposed this plan, I say, step up to the plate, let's do what's right for the country at this time, because the time to act is now. I know many Americans are wondering what happens next in passing this -- what happens next. And passing this bill can't be the end of our work to strengthen the economy, it must be the beginning. Because one thing I think all of us who may end up supporting this bill understand is that even if we get this in place, we could still have enormous problems and probably will have big problems in the economy over the next several months and potentially longer. Because the fact is, is that we have seen some mismanagement of the fundamentals of the economy for a very long time, and we are not going to dig ourselves out of that hole immediately. This this is not the end. This is the beginning. As soon as we pass this rescue plan, we need to move aggressively with the same sense of urgency to help families on Main Street who are struggling to pay their bills and keep their jobs. They've been in crisis a lot longer than Wall Street has. I said it before and I say it again, we need to pass an economic stimulus package that will help ordinary Americans cope with rising food and gas prices, that can save 1 million jobs rebuilding our schools and roads and help infrastructure, and help cities and states avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones. That's the right thing to do at a time when consumer confidence is down and we are in great danger of slipping into a big recession. We also must do more in this rescue package in order to help homeowners stay in their homes. I will continue to advocate bankruptcy reforms. I know my colleague from Illinois, Dick Durbin, has been a strong champion of this, as have many. It is the right thing to do to change our bankruptcy laws so that people have a better chance of staying in their homes and we're not seeing communities devastated all across the country. We should encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930's. And finally, while we all hope that this rescue package succeeds, we should be prepared to take more vigorous actions in the months ahead to rebuild capital, if it's necessary. Just as families are planning for their future and tough times, Washington's going to have to do the same. Runaway spending and record deficits are not how families run their budgets. It can't be how Washington handles people's tax dollars. So we're going to have to return to the fiscal responsibility we have we had in the 1990s. And the next White House and the next Congress is going to have to work together to make sure that we go through our budget, we get rid of programs that don't work, that we make the ones that do work better and cost less. With less money flowing into the Treasury, some useful programs or policies might need to be delayed. Some might need to be stretched out over a longer period of time, but there are certain investments in our future that we cannot know precisely because our economy is in turmoil. Mr. President, I've exceeded the time a little bit. I would like unanimous consent for a couple more minutes. thank you. There are certain investments in our future that we can't delay precisely because the economy's in turmoil. We can't wait to help Americans keep up with rising costs and shrinking paychecks and we're going to do that by making sure that we are giving our workers a middle-class tax cut. We can't wait to relieve the burden of crushing health care costs. We can't wait to create millions of new jobs by rebuilding our roads and our bridges and investing in broadband lines in rural communities and fixing our electricity grid so we can get renewable energy to population centers that need them. We need to develop an energy policy that prevents us from sending $700 billion a year to tyrants and dictators for their oil. We can't wait to education the next generation of Americans with the skills and knowledge they need to compete with any workers anywhere in the world. These are the priorities we can't -- cannot delay. Now, let me just close by saying this. I do not think this is going to be easy. It's not going to come without costs. We are all going to need to sacrifice. We're all going to need to pull our weight. Because now, more than ever, we are all in this together. That's part of what this crisis has taught us, that at the end of the day, there's no real separation between Wall Street and Main Street. There's only the road we're traveling on as Americans. And we will rise or fall on that journey as one nation and as one people. I know that many Americans are feeling anxiety right now about their jobs, about their homes, about their life savings. But I also know this. That we can steer ourselves out of this crisis. We always have. During the great financial crisis of the last century, in his first fireside chat, F.D.R. told his fellow Americans that, "There is an element in the readjustment of our financial system more important than currency, more important than gold and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Today we cannot fail. We cannot fail -- not now, not tomorrow, not next year. This is a nation that's faced down war and depression, great challenges and great threats. And at each and every moment, we have risen up to meet these challenges. Not as Democrats, not as Republicans but as Americans with resolve and with confidence. With that fundamental belief that here in America, our destiny is not written for us, it's written by us. That's who we are and that's the country I know we can be right now. I want to thank again the extraordinary leadership of Chairman Dodd and the Banking Committee as well as Chairman Baucus and Majority Leader Reid. They have worked tirelessly. I want to thank the leadership in the House of Representatives. I urge my colleagues to join me in supporting this important legislation, understanding that this will not solve all our problems. It is a necessary but not sufficient step to make sure that this economy once again works on behalf of all Americans in their pursuit of the American dream. Thank you, Mr. President. I yield the floor.
Thank you very much, Madam President. And thank you to the distinguished Senator from Connecticut, not only for yielding time, but also for the extraordinarily hard work that he's put in over the last several days, and in fact, over a week. And I want to thank his counterparts on the other side, including Senator Gregg, for their hard work.
Now, the fact that we're even here voting on a plan to rescue our economy from the greed and irresponsibility of Wall Street, and some in Washington, is an outrage. It's an outrage to every American who works hard, pays their taxes, and is doing their best every day to make a better life for themselves and their families. And understandably, people are frustrated. They're angry that Wall Street's mistakes have put their tax dollars at risk. And they should be. I'm frustrated and angry, too. But while there's plenty of blame to go around, and many in Washington and Wall Street who deserve it, all of us -- all of us -- have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now's not the time to argue about how it got set or did the neighbor sleep in his bed or leave the stove on. Right now we want to put out that fire. And now's the time for us to come together and do that.
When the House of Representatives failed to act on Monday, we saw the single largest decline in the stock market in two decades. Over $1 trillion of wealth was lost by the time the markets closed. And it wasn't just the wealth a few CEOs or Wall Street executives. The 401(k)s and retirement accounts of millions became smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hard-working Americans who invested their nest egg to watch it grow saw it diminish and in some cases disappear. And while that decline was devastating, the consequences of the credit crisis that caused it will be even worse if we do not act now. We're in a very dangerous situation where financial institutions across this country are afraid to lend money. And if all that meant was the failure of a few banks in New York, that would be one thing. But that's not what it means. What it means is, if we don't act, it will be harder for Americans to get a mortgage for their home or loans they need to buy a car or send their children to college. What it means is that businesses won't be able to get the loans they need to open a new factory or make payroll for their workers. And if they can't make payroll on Friday, then workers are laid off on Monday. And if workers are laid off on Monday, then they can't pay their bills or pay back their loans to somebody else. And it will go on and on and on, rippling through the entire economy. Potentially we could see thousands of businesses close, millions of jobs could be lost, and a long and painful recession could follow. In other words, this is not just a Wall Street crisis, it's an American crisis. And it's the American economy that needs this rescue plan. understand completely why people would be skeptical when this president asks for a blank check to solve this problem. I was too, as was Senator Dodd, and a whole bunch of us here. That's why over a week ago, I demanded that this plan include some specific proposals to protect taxpayers. Protections that the administration eventually agreed to, and thanks to the hard work of Senator Dodd and Republican counterparts like Senator Gregg, we here in the Senate have agreed to and now hopefully the House will agree to as well.
Let me just go over those principles. Number one, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.
Number two, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.
Number three, I said that I would not allow this plan to become a welfare program for Wall Street executives whose greed and irresponsibility got us into this mess.
And finally, I said that if American taxpayers are financing this solution, then they have to be treated like investors. They should get every penny of their tax dollars back once the economy recovers.
Now, this last part is important because it's been the most misunderstood and poorly communicated part of this plan. This is not a plan to just hand over $700 billion of taxpayer money to a few banks. If this is managed correctly -- and that's an important "if" -- we will hopefully get most or all of our money back and possibly even turn a profit on the government's intervention. Every penny of which will go directly back to the American people. And if we fall short, we will levee a fee on financial institutions so that they can repay for the losses that they caused.
Now, let's acknowledge, even with all these taxpayer protections, this plan is not perfect. Democrats and Republicans in Congress have legitimate concerns about it. Some of my closest colleagues, people I have the greatest respect for, still have problems with it and may choose to vote against this bill, and I think that we can respectfully disagree. I understand their frustrations. I also know that many Americans share their concerns. But it's clear that from my perspective, this is what we need to do right now. To prevent the possibility of a crisis turning into a catastrophe. It is conceivable, it's possible that if we did nothing, everything would turn out okay. It's -- there's a possibility that that's true. And there's no doubt that there may be other plans out there that, had we had two or three or six months to develop, might be even more refined and might serve our purposes better. But we don't have that kind of time. And we can't afford to take a risk that the economy of the United states of America and as a consequence the worldwide economy, could be plunged into a very, very deep hole. So to Democrats and Republicans who've opposed this plan, I say, step up to the plate, let's do what's right for the country at this time, because the time to act is now.
I know many Americans are wondering what happens next in passing this -- what happens next. And passing this bill can't be the end of our work to strengthen the economy, it must be the beginning. Because one thing I think all of us who may end up supporting this bill understand is that even if we get this in place, we could still have enormous problems and probably will have big problems in the economy over the next several months and potentially longer. Because the fact is, is that we have seen some mismanagement of the fundamentals of the economy for a very long time, and we are not going to dig ourselves out of that hole immediately. This this is not the end. This is the beginning. As soon as we pass this rescue plan, we need to move aggressively with the same sense of urgency to help families on Main Street who are struggling to pay their bills and keep their jobs. They've been in crisis a lot longer than Wall Street has. I said it before and I say it again, we need to pass an economic stimulus package that will help ordinary Americans cope with rising food and gas prices, that can save 1 million jobs rebuilding our schools and roads and help infrastructure, and help cities and states avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones. That's the right thing to do at a time when consumer confidence is down and we are in great danger of slipping into a big recession.
We also must do more in this rescue package in order to help homeowners stay in their homes. I will continue to advocate bankruptcy reforms. I know my colleague from Illinois, Dick Durbin, has been a strong champion of this, as have many.
It is the right thing to do to change our bankruptcy laws so that people have a better chance of staying in their homes and we're not seeing communities devastated all across the country. We should encourage Treasury to study the option of buying individual mortgages like we did successfully in the 1930's. And finally, while we all hope that this rescue package succeeds, we should be prepared to take more vigorous actions in the months ahead to rebuild capital, if it's necessary. Just as families are planning for their future and tough times, Washington's going to have to do the same. Runaway spending and record deficits are not how families run their budgets. It can't be how Washington handles people's tax dollars. So we're going to have to return to the fiscal responsibility we have we had in the 1990s. And the next White House and the next Congress is going to have to work together to make sure that we go through our budget, we get rid of programs that don't work, that we make the ones that do work better and cost less. With less money flowing into the Treasury, some useful programs or policies might need to be delayed. Some might need to be stretched out over a longer period of time, but there are certain investments in our future that we cannot know precisely because our economy is in turmoil.
Mr. President, I've exceeded the time a little bit. I would like unanimous consent for a couple more minutes. thank you. There are certain investments in our future that we can't delay precisely because the economy's in turmoil. We can't wait to help Americans keep up with rising costs and shrinking paychecks and we're going to do that by making sure that we are giving our workers a middle-class tax cut. We can't wait to relieve the burden of crushing health care costs. We can't wait to create millions of new jobs by rebuilding our roads and our bridges and investing in broadband lines in rural communities and fixing our electricity grid so we can get renewable energy to population centers that need them. We need to develop an energy policy that prevents us from sending $700 billion a year to tyrants and dictators for their oil. We can't wait to education the next generation of Americans with the skills and knowledge they need to compete with any workers anywhere in the world. These are the priorities we can't -- cannot delay.
Now, let me just close by saying this. I do not think this is going to be easy. It's not going to come without costs. We are all going to need to sacrifice. We're all going to need to pull our weight. Because now, more than ever, we are all in this together. That's part of what this crisis has taught us, that at the end of the day, there's no real separation between Wall Street and Main Street. There's only the road we're traveling on as Americans. And we will rise or fall on that journey as one nation and as one people. I know that many Americans are feeling anxiety right now about their jobs, about their homes, about their life savings. But I also know this. That we can steer ourselves out of this crisis. We always have. During the great financial crisis of the last century, in his first fireside chat, F.D.R. told his fellow Americans that, "There is an element in the readjustment of our financial system more important than currency, more important than gold and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Today we cannot fail. We cannot fail -- not now, not tomorrow, not next year.
This is a nation that's faced down war and depression, great challenges and great threats. And at each and every moment, we have risen up to meet these challenges. Not as Democrats, not as Republicans but as Americans with resolve and with confidence. With that fundamental belief that here in America, our destiny is not written for us, it's written by us. That's who we are and that's the country I know we can be right now.
I want to thank again the extraordinary leadership of Chairman Dodd and the Banking Committee as well as Chairman Baucus and Majority Leader Reid. They have worked tirelessly. I want to thank the leadership in the House of Representatives. I urge my colleagues to join me in supporting this important legislation, understanding that this will not solve all our problems. It is a necessary but not sufficient step to make sure that this economy once again works on behalf of all Americans in their pursuit of the American dream. Thank you, Mr. President. I yield the floor.
Friends, colleagues: I've just discovered a documentary that is going to change this election! It's called "Who Is This Guy?" I am a news junkie and it's a take on Barack Obama and this election like I have never seen before. Anyone who cares about this country needs to see this film before November 4th. Who we choose as the new leader of the free world has never been more important. This film tells the historic narrative of this election with factual analysis and real people without ever demonizing or belittling anyone. The production is stunning -- it'll make you angry, make you laugh, cry and wonder "how did I miss this? I don't know where else this film is available but I found "Who Is This Guy?” at my local Blockbuster! It answers: Who is Obama...what drives him...how did he get here, and describes the monumentally historic reality of this election and its reach. This is what I discovered about it: SYNOPSIS: Narrated by Blair Underwood, the film is an in-depth look at Barack Obama as a senator, family man, steward of the community and presidential candidate through the prism of luminaries, politicos, academics, politically active celebrities and former friends and associates of Barack Obama. "Who Is This Guy" is a snapshot of Barack Obama's candidacy for president and the spin that factored into this historic 2008 election leading up to the DNC. The film captures the imaginations of luminaries and regular Americans as they describe Barack Obama, some having worked with him in the trenches of Chicago politics, Obama supporters in his movement for change and others who simply want their voices heard -- answering two often asked questions: Who is he? Why Obama now? Send this to everyone you know and ask them to send out their own email blast reaching at least 100 people more...to buy it, rent it, and then go vote!
LET'S GET FIRED UP & READY TO WIN!!!!!
