The Santos Republic

ATLANTA — President Obama makes his first Atlanta appearence since his inauguration.

The President will fly into town Monday morning.

If you think this will be a time for Democrats running for office to rally around the cheif executive, you probably haven’t been following the campaigns this summer.

Former Governor Roy Barnes will not be available to meet Mr. Obama. The Democratic gubanatorial candidate will be somewhere in Georgia, far from Atlanta.

Campaign Manager Chris Carpenter released a statement:

“Roy has a busy campaign schedule in Middle and South georgia on Monday where he’ll be talking to farmers and local law enforcement. Roy’s priority is to continue traveling across the state, talking to voters about jobs, education, and transportation- his plan to make Georgia work.”

Meanwhile, Georgia Governor Sonny Perdue will greet the President planeside when the Democrat arrives in Georgia. Mr. Perdue’s spokesperson Bert Brantley told WXIA-TV reporter Jeff Hullinger the governor had to juggle his schedule to be able to greet the president.

Avoiding a sitting president is not new in Georgia politics.

In 1996 Democrat Michael Coles was running against Republican Newt Gingrich for the 6th congressional district seat. Mr. Coles avoided President Clinton at rallies in Atlanta and Macon.

Mr. Coles, a legendary atlanta entrepeneur who entertained political aspirations a decade ago spoke to Jeff Hullinger from his home in Montana.

“In 96, I stepped out of the private arena and ran against Newt Gingrich for the house. I ran as a Democrat. I think the difficult thing for anyone in Georgia – if you run as a democrat- is to seperate yourself from not being a national Democrat, because Georgia Democrats like Zell Miller and Sam Nunn are cutout of a different cloth and that’s how I wanted to be seen. I wanted to be sure, if I was going to lose that race- -I wasn’t going to be indentified as a national Democrat.”

One Democratic operative told Hullinger today- – then Governor Zell Miller wanted to be with his friend President Clinton during an Atlanta rally, however, Mr. Clinton was unpopular in Georgia at the time. Instead of the Governor appearing on stage with the President, Governor Miller appeared as a face in the crowd. He was there but couldn’t be seen.

Popularity: 1% [?]

WASHINGTON — Some intense moments on the House floor Thursday night during debate for a bill that would have provided health care to people sickened during the 9/11 terrorist attacks.

Democrats were seeking to change the voting procedure, claiming they were worried Republicans would add a host of partisan amendments to the bill. The change also meant it needed a two-thirds majority to pass – which failed.

During the debate, Democratic Congressman Anthony Weiner, who represents a part of New York where a lot of 9/11 survivors live, took to the podium and railed against his Republican colleagues.

His floor speech aired as follows:

“Great courage to wait until all members have already spoken then stand up and wrap your arms around procedure. We see it in the United States Senate every single day where members say ‘we want amendments, we want debate, but we’re still a no’.

And then we stand up and say ‘if only we had a different process we’d vote yes. You vote yes if you believe yes. You vote in favor of something if you believe its the right thing. If you believe its the wrong thing you vote no! We are following a procedure thing here.

I will not yield tot he gentleman and the gentleman will observe regular order! The gentleman will observe order!

The gentleman thinks if he gets up and yells he is going to intimidate people into believing he is right. He is wrong! The gentleman is wrong! The gentleman is providing comfort for his colleagues rather than doing the right thing.

It’s Republicans wrapping their arms around Republicans rather than doing the right thing on behalf of the heroes. It is a shame, a shame! If you believe this is a bad idea to provide health care than vote no! But, don’t give me the cowardly view that only if it were a different procedure–

The gentleman will observe regular order and sit down!

I will not!

The gentleman will sit! The gentleman is correct in sitting!

I will not stand here and listen to my colleagues say ‘if only I had a different procedure that allows us to stall, stall, stall then vote no. Instant os standing up and defending your colleagues and voting no on this humane bill you should urge them to vote yes, something the gentleman has not done!”

The bill ultimately failed in a vote of 255 to 159. This means the courts will have to settle compensation issues.

Popularity: 1% [?]

Are Canadians more conservative than we used to be?

The conservative-minded Manning Centre thinks so and a new poll it paid for says the centre of the Canadian political spectrum has shifted rightward.

A survey by Allan Gregg of Harris-Decima and Carleton University’s Professor André Turcotte concludes that while a majority of Canadians identify with the “centre” position on the political ideology scale, this centre is increasingly embracing “traditionally conservative values.”

The poll says a plurality – or 47 per cent – of those respondents who consider themselves political “centrists” voted for the Conservatives in 2008. By comparison, back in 1997, 41 per cent of those self-identified as centrists voted Liberal.

Steve Chase writes in the (Toronto) Globe & Mail on Tuesday, March 16, 2010. Click here for the rest of the story.

Popularity: 1% [?]

Time to Undo the Rescue?
By Eric Singer
http://www.americanthinker.com/2009/03/time_to_undo_the_rescue.html 

President Obama recently delivered a speech where he identified the housing problem as one of foreclosures, citing a study that foreclosure signs depress prices by 9%. This is a lot like saying thermometers cause fevers. 

To deal with this symptom, Congress is promising up to 9,000,000 mortgage defaulting homeowners relief from foreclosure under a new program H.R. 1106. The legislation is being driven through Congress by Speaker Pelosi and Senate Majority Leader Reid, whose two states account for one third of all mortgage defaults of the 50 states. The legislation has many facets, but its main points consist of giving taxpayer funds to borrowers and mortgage servicers and prospectively redistributing bank and bondholder collateral to borrowers. 

On the positive incentive side, the mortgage servicer gets a new added fee for the modification of the loan and a legal safe harbor for effecting a write down of the collateral, and the homeowner may get various forms of debt relief, including a lower principal amount, a lower interest rate, and a bonus for doing what is in their self interest anyway. In concept, it is akin to paying kids to do their homework, as if gaining knowledge to compete and stay alive in a flat world is not incentive enough. 

On the negative incentive side, the bank or bondholder is now subject to new law allowing a federal bankruptcy judge unilateral authority to write down the amount of principal on a mortgage in a consumer bankruptcy. The plan promises up to $75 billion in relief but potentially transfers several hundred billion dollars in collateral to defaulting borrowers. 

Milton Friedman once said that legislation should be judged not on its intentions, but on its results. As pointed out in an article by Caroline Baum, the recent mortgage relief programs were introduced by the Bush administration with great fanfare and few results. The plan to save 240,000 sub-prime mortgage holders called FHASecure was actually only used by only 4,000 borrowers. The more recent HOPE for Homeowners was supposed to help 400,000 homeowners, but was used by only 25. 

H.R.1106 may help a few more borrowers, but not likely in the fashion sold to the American public, and at a cost of dramatically changing the rules. Its overall impact will no doubt be bad. The official plan is that up to 9,000,000 newly defaulting mortgage borrowers will refinance applying guidelines that were popular before the government forced banks to increase loans to unqualified borrowers. Some will be able to refinance at lower interest rates if the mortgage is 105% or less than the value of the house. Others will be able to refinance using only 31% of their income to service debt while the government buys down interest payments. 

The plan excludes many borrowers. It does not provide payouts for defaulters who (A) borrowed privately (i.e., not the government darling Fannie Mae or Freddie Mac loans); (B) borrowed over $729,000 essentially in New York or California, or $417,000 in most other states; (C) refinanced; (D) don’t have a steady enough income to qualify under the new 31% guideline, or, most important, (E) lied about or exaggerated any part of their original application. According to a 2007 Fitch study, 45 out of 45 randomly selected mortgage applications in a typical loan pool were found to have engaged in fraud in the inducement to lend.

There are many problems with this plan. FDIC head Sheila Bair has acknowledged that the government cannot effectively do forensic analysis. Moreover, it is highly unlikely that many borrowers, already defaulted, will submit to go under an IRS audit like microscope while the government conducts a forensic analysis of their past mortgage applications. Because of this, relatively few borrowers will likely qualify or voluntarily use the official plan.

However, the change in the bankruptcy law completely changes the negotiating dynamic between all borrowers and all lenders, whether or not the government incentives are available. Up until now, banks and bondholders could foreclose without forcing borrowers into bankruptcy. Even so, in states like Florida where foreclosures are rampant, the foreclosure process is taking over a year from the day of the first 30 day default to the actual foreclosure sale. During that entire time the defaulted borrower can be living in the house free of charge and without paying down the mortgage. 

It is not difficult to envision a scenario where this situation is exacerbated by H.R. 1106 and the corresponding proposed changes in the bankruptcy laws. By offering a fundamental right to renegotiate the principal of a primary home mortgage, the law could significantly lengthen the time of the property stays in the hands of the defaulting borrower. And who is to say that the costs of filing bankruptcy won’t come down? In fact, by lengthening the procedural time of bankruptcy and foreclosure, the change could be seen as affecting a property seizure under the Constitution, and a denial of due process, since, under H.R.1106, every consumer would have the right to go through bankruptcy to determine their new/lower mortgage principal and interest before a foreclosure could even take place. 

Now consider that we are told there are 9,000,000 homeowners in default, 368 federal bankruptcy judges, and that a typical consumer bankruptcy can take up to five court days. This gives each judge the capacity to fully try about 50 individual cases a year, or a total present national capacity of 18,400 cases a year. Last year 1,000,000 bankruptcies were filed, and thisyear 1,400,000 are expected, absent any changes in the law. But most of these cases are cleared quickly because the rules are well established and outcomes are predictable, and consumers are using Chapter 7 for liquidation. 

With bankruptcy converted from a disgrace to a privilege, if even a modest portion of defaulters choose to file for a Chapter 13 bankruptcy and insist on a trial, the old expectations are gone. This will happen more if the costs of filing for such a bankruptcy are less than the additional costs of meeting all monthly obligations without relief from creditors. Just guessing, the backlog for clearing the bankruptcies will likely significantly lengthen as the stigma of changing a contract falls away and more people are upended. The furor over the AIG executive payments has come out as, “the government should have the right to retroactively change contracts.” Surely, beleaguered consumers will embrace the government’s amoral example.

Many defaulters are now looking at housing as a trading asset, and contemplating walking away if the debt exceeds the current value. 20% of houses meet this walk away threshold and the number is rising as housing prices continue to fall. In addition, the availability of credit card debt is imploding as FICO scores plunge and credit lines are withdrawn (in part because of falling housing prices), setting up a vicious cycle of credit card line reduction impacting the desperation house sale in a negative feedback loop. As recently pointed out by Meredith Whitney in the Wall Street Journal, banks are reducing $ 5 trillion in credit card lines to perhaps as little as $2.3 trillion by the end of 2010, with the result that for many consumers almost every new credit payment simply reduces the credit line, and does not create any new availability of credit.

So once a family finds itself underwater on its mortgage, and at its full credit card limits, the issue becomes which bill should it pay and when. Once upon a time the mortgage was among the first bills to be paid. But if the foreclosure docket is crowded, and a family may be able to live for a year without paying out any cash to the bank, defaulting becomes a more attractive option. Under H.R. 1106, that year could easily stretch out further, disincentivizing any deals with the bank. 

As more and more families rationally conclude that bankruptcy is a superior option, discretionary defaults are starting to soar. These are defaults where mortgages could be paid first if desired, but strategically defaulted. Call it the Thelma & Louise approach to borrowing. And then there is the chance to re-default, as many do. Call it The Nightmare on Elm Street: Part 2.

Private banks and investors will respond by offering mortgage terms more similar to credit card loans for new mortgages: much higher interest rates, much bigger down payments, shorter terms, more hair triggers. This will shut the door on the homeownership dream for many of our children and depress the value of real estate today. Call it the Pawnbroker approach to lending privately. 

So the government could soon be the only game in town for conventional mortgages with traditional terms. Call it the Godfather approach to government backed loans. They were all great movies, but they make for bad policy. 

Finally, one cannot over estimate the impact of the moral injustice of imposing on the large majority of homeowners who have struggled in a worsening economy to meet their obligations, only to find that they will have to pay higher taxes to enable less prudent borrowers to receive a government bailout while they are forced to sacrifice in the face of a slowing economy, a hemorrhaging housing market, a complete rule change, and the unfairness of calling on thrifty states to bailout profligate ones. 

Starting with the President’s number of 9,000,000 defaulters, one can easily envision a scenario of unintended consequences where an additional 5,000,000 or more homeowners default, many using the change in the bankruptcy laws to buy more time. In the game of musical chairs, it is best to move first. H.R. 1106 has opened Pandora’s Box by assuming people will not change their behavior. 

Last year, over $11 trillion in American wealth was destroyed, the bulk of it by imprudent government action. This year, the government is outdoing itself. With one hand, it is shoveling money into banks; with the other hand, it is undermining the securities that often compose a big part of the banks’ capital and implementing policies that ultimately hurt housing’s value. And, while Congress may fancy itself to be Shiva, creating with 500 hands and destroying with 500 hands, it’s not what they were hired to do.

Popularity: 1% [?]

In recent weeks, many media conservatives have launched attacks on President Obama, claiming, for instance, that he “lied” and accusing him of having, in the words of The Washington Times, “broken so many promises during the first month-and-a-half of his presidency that it is hard to keep track.” Following his February 24 address to a joint session of Congress, some in the media singled out Obama’s comment that he doesn’t “believe in bigger government” to accuse him of dishonesty, lying, and even in one case of committing “a huge, brazen, audacious, demonstrably outrageous lie.” In fact, in the speech Obama said that, while he does not believe in “big government,” a strategy on the scale he is proposing is necessary in the current economic situation. Moreover, many in the media have falsely claimed that Obama “promised no earmarks” in spending bills during his administration and that he has since broken that pledge. In fact, Obama consistently said during the campaign that he intends to “clean up” the process in an effort to curb spending on earmarks, not eliminate the process entirely.

During his February 24 address to a joint session of Congress, President Obama spoke to the necessity of passing the American Reinvestment and Recovery Act to improve the economy and commented that he wanted the stimulus bill passed “not because I believe in bigger government — I don’t — not because I’m not mindful of the massive debt we’ve inherited — I am.”

In the days following the speech, media figures have contrasted that comment — that “I don’t” believe in bigger government — in isolation with the cost of Obama’s proposals to say that Obama “lied,” that he committed a “the biggest whopper of all” and that his “rhetoric does not match with his policies.” But, as is clear from the speech, Obama was taking the position that that failure to act on the scale he is proposing “would have cost more jobs and caused more hardships” and “would have worsened our long-term deficit by assuring weak economic growth for years.”

From Obama’s February 24 speech:

As soon as I took office, I asked this Congress to send me a recovery plan by Presidents Day that would put people back to work and put money in their pockets, not because I believe in bigger government — I don’t — not because I’m not mindful of the massive debt we’ve inherited — I am.

I called for action because the failure to do so would have cost more jobs and caused more hardships. In fact, a failure to act would have worsened our long-term deficit by assuring weak economic growth for years. And that’s why I pushed for quick action.

And tonight I am grateful that this Congress delivered and pleased to say that the American Recovery and Reinvestment Act is now law.

Over — over the next two years, this plan will save or create 3.5 million jobs. More than 90 percent of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, laying broadband and expanding mass transit.

Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis, [Minnesota] tonight because this plan prevented the layoffs their department was about to make.

Because of this plan, 95 percent of working households in America will receive a tax cut, a tax cut that you will see in your paychecks beginning on April 1.

Because of this plan, families who are struggling to pay tuition costs will receive a $2,500 tax credit for all four years of college.

And Americans — and Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm. Now I know there are some in this chamber and watching at home who are skeptical of whether this plan will work, and I understand that skepticism.

According to a February 19 New York Times article, Obama’s proposed budget outline is “$2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials” due to new accounting rules that include in the Office of Management and Budget’s calculations “spending on the wars in Iraq and Afghanistan, Medicare reimbursements to physicians and the cost of disaster responses.”

Examples of media figures citing Obama’s statement that he doesn’t “believe in bigger government” as an example of dishonesty include:

• In his March 3 Washington Times column, headlined “Obama Lied; The Economy Died,” Tony Blankley asserted: “President Obama told a whopper last week when he claimed he was not for bigger government.” He went on to say: ‘This he asserted though the budget he proposed the next day asks for federal spending as 28 percent of gross domestic product (GDP), higher by at least 6 percent than any time since World War II.”

• In a February 26 Cleveland Plain Dealer column, Kevin O’Brien wrote: “President Barack Obama doesn’t believe in big government. He said so Tuesday night. The statement was one of two things. Best case: It was a huge, brazen, audacious, demonstrably outrageous lie. Worst case: It was testimony to a sincere belief that even the all-pervasive, all-powerful federal government he envisions doesn’t qualify as ‘big.’

• During the March 1 edition of CNN’s State of the Union, The Weekly Standard’sStephen Hayes suggested that Obama’s comment that he didn’t like bigger government should have been “corrected,” adding: “I mean, we have seen nothing but big government for five weeks, and this is the kind of line that, had President George W. Bush uttered it a year ago or two years ago, we would have seen front-page, above-the-fold analyses, saying, you know, ‘President’s rhetoric does not match with his policies.’ And I’ve been a little surprised about that.”

• In a column published in the March 9 Weekly Standard, editor Fred Barnes cited the purported disparity between Obama’s comment and his proposals in accusing him of “liv[ing] in a world of political make-believe in which everything from reconciling conflicting interests to paying for costly programs is easy”:

But there’s a problem. Candidates don’t have to deal with reality. They talk about the wonderful things they can accomplish as if advocating them is the same as achieving them. They live in a world of political make-believe in which everything from reconciling conflicting interests to paying for costly programs is easy.

That’s the world Obama continues to inhabit. Like a candidate, he’s a quick-change artist, constantly switching roles. Twice last week, he insisted he doesn’t favor “big government.” Then he proposed a budget that would vastly expand the size and reach of the federal government, add $600 billion to the deficit, and produce a one-year shortfall of $1.2 trillion (or more). This prompted House Republican leader John Boehner to proclaim, quite accurately, that the “era of big government is back.”

• In his February 28 Newsweek column, George Will mocked Obama’s campaign slogan and wrote: “Addressing Congress last week, the president said he is strengthening government ‘not because I believe in bigger government — I don’t.’ Chant it, everybody: Yes you do.”

• A March 3 FoxNews.com Fox Forum blog post by Phil Kerpen, director of policy for Americans for Prosperity, listed this comment as “Promise #1″ to be broken and asserted “it’s the biggest whopper of all.”

Media figures have also broadly accused President Obama of having lied or of breaking a promise by stating that he would sign an omnibus appropriations bill that contains earmarks when he had previously “promised no earmarks.” However, as Media Matters noted, Obama consistently said while campaigning that he intends to “clean up” the process in an effort to curb spending on earmarks, not eliminate them entirely.

While Sen. John McCain repeatedly said during the presidential debates that he would “veto every earmark pork-barrel bill” if elected, Obama said in the first debate that “the earmarks process has been abused” and said he had “suspended any requests for my home state … until we cleaned it up.” During the second presidential debate, Obama said McCain’s criticism of earmarks was “important,” but that he wanted “to go line by line through every item in the federal budget and eliminate programs that don’t work and make sure that those that do work, work better and cheaper.” And in the third presidential debate, Obama said: “There’s no doubt that the system needs reform and there are a lot of screwy things that we end up spending money on, and they need to be eliminated. But it’s not going to solve the problem.”

Similarly, in May 2008, Obama issued a statement that “the entire earmarks process needs to be re-examined and reformed.” The statement said:

I also have championed greater disclosure requirements for earmarks to ensure that the public knows which member of Congress is sponsoring an earmark.

However, even with all of these reforms, I have come to believe that the system is broken. We can no longer accept a process that doles out earmarks based on a member of Congress’ seniority, rather than the merit of the project. We can no longer accept an earmarks process that has become so complicated to navigate that a municipality or non-profit group has to hire high-priced D.C. lobbyists to do it. And we can no longer accept an earmarks process in which many of the projects being funded fail to address the real needs of our country.

The entire earmarks process needs to be re-examined and reformed. For that reason, I will be supporting Senator DeMint’s amendment and will not be requesting earmarks this year for Illinois. Over the next year, I hope to work with my colleagues, both Democratic and Republican, to improve the earmarks process.”

But in spite of Obama’s campaign statements, media outlets and figures have suggested he has broken “a campaign promise” about earmarks by stating that he would sign the omnibus appropriations bill:

• A March 4 Washington Times editorial claimed “President Obama has broken so many promises during the first month-and-a-half of his presidency that it is hard to keep track. … Last October Mr. Obama promised a net cut in government. He promised no earmarks.”

• On the March 3 edition of CNN’s Campbell Brown: No Bias, No Bull, anchor Campbell Brown said, when referring to the omnibus bill “President Obama made a campaign promise to put Washington on a pork-free diet. No more spending on earmark projects he vowed. But they just can’t help themselves. We’re going to tell you who’s spending how much of your money on their pet projects.” Later, she continued: “President Obama keeps saying he is an anti-earmark crusader. But watch out, a monster spending bill working its way through Congress contains some 8,500 earmarks worth more than $7 billion.”

• On the February 26 edition of Fox News’ Hannity, Fox News anchor Kimberly Guilfoyle suggested Obama was engaging in “two-faced politics” and “trying to pull the wool over the eyes of the American people” because “[h]e said that he wasn’t going to do this. We elected him because he said he was going to change things.”

• On the March 3 edition of Sean Hannity’s radio show, Hannity asserted that “we have a president that has lied to us. … A president that promised to eliminate earmarks. And you know what? This is a president that is far more radical than anybody ever dreamed. You bet — I’m angry.”

Further, Washington Times chief political correspondent Donald Lambro misrepresented Obama’s February 24 address to Congress to suggest he lied in that address regarding earmarks. In his March 2 column, Lambro wrote, “Nine thousand pork barrel earmarks were buried in the $410 billion omnibus budget that passed the House last week,” and added that “President Obama told Congress the day before it passed that he was happy it didn’t contain any earmarks, eliciting gales of laughter from the Republican side of the chamber who knew better.” But as Media Matters for America noted, Lambro’s claim that Obama made a false statement about earmarks is itself false. Obama was not referring to the omnibus spending bill, as Lambro claimed, but to the American Recovery and Reinvestment Act when he said the bill did not contain any earmarks.

Winning an election by 52% of the population does not necessarily mean you have the mandate. It is how you keep your promises to the people. Clearly, we can foresee that within the 100 days, the Americans will sober up from what they did: Putting a Pork barrel President with a socialistic agenda.

Source: Media Matters

Popularity: 100% [?]

President Obama spoke to a joint session of Congress Tuesday night. Here is a transcript of the speech:

President Obama: Thank you very much.

Madam Speaker, Mr. Vice President, members of Congress, and the first lady of the United States, who’s around here somewhere.

I have 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.

But while our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before.

The weight of this crisis will not determine the destiny of this nation. The answers to our problems don’t lie beyond our reach. They exist in our laboratories and our universities, in our fields and our factories, in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth.

Those qualities that have made America the greatest force of progress and prosperity in human history we still possess in ample measure. What is required now is for this country to pull together, confront boldly the challenges we face, and take responsibility for our future once more.

Now, if we’re honest with ourselves, we’ll admit that for too long we have not always met these responsibilities, as a government or as a people. I say this not to lay blame or to look backwards, but because it is only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament.

The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank.

We have known for decades that our survival depends on finding new sources of energy, yet we import more oil today than ever before.

The cost of health care eats up more and more of our savings each year, yet we keep delaying reform.

Our children will compete for jobs in a global economy that too many of our schools do not prepare them for.

And though all of these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before.

In other words, we have lived through an era where too often short-term gains were prized over long-term prosperity, where we failed to look beyond the next payment, the next quarter, or the next election.

A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations…

Regulations — regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day.

Well, that day of reckoning has arrived, and the time to take charge of our future is here.

Now is the time to act boldly and wisely, to not only revive this economy, but to build a new foundation for lasting prosperity.

Now is the time to jump-start job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do, and that is what I’d like to talk to you about tonight.

It’s an agenda that begins with jobs. As soon…

As soon as I took office, I asked this Congress to send me a recovery plan by Presidents Day that would put people back to work and put money in their pockets, not because I believe in bigger government — I don’t — not because I’m not mindful of the massive debt we’ve inherited — I am.

I called for action because the failure to do so would have cost more jobs and caused more hardships. In fact, a failure to act would have worsened our long-term deficit by assuring weak economic growth for years. And that’s why I pushed for quick action.

And tonight I am grateful that this Congress delivered and pleased to say that the American Recovery and Reinvestment Act is now law.

Over — over the next two years, this plan will save or create 3.5 million jobs. More than 90 percent of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines and solar panels, laying broadband and expanding mass transit.

Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis, [Minnesota] tonight because this plan prevented the layoffs their department was about to make.

Because of this plan, 95 percent of working households in America will receive a tax cut, a tax cut that you will see in your paychecks beginning on April 1.

Because of this plan, families who are struggling to pay tuition costs will receive a $2,500 tax credit for all four years of college.

And Americans — and Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm. Now I know there are some in this chamber and watching at home who are skeptical of whether this plan will work, and I understand that skepticism.

Here in Washington, we’ve all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right.

And that’s why I’ve asked Vice President Biden to lead a tough, unprecedented oversight effort, because nobody messes with Joe.

I have told each of my Cabinet, as well as mayors and governors across the country, that they will be held accountable by me and the American people for every dollar they spend.

I’ve appointed a proven and aggressive inspector general to ferret out any and all cases of waste and fraud.

And we have created a new Web site called recovery.gov so that every American can find out how and where their money is being spent.

So, the recovery plan we passed is the first step in getting our economy back on track, but it is just the first step, because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system.

I want to speak plainly and candidly about this issue tonight, because every American should know that it directly affects you and your family’s well-being. You should also know that the money you’ve deposited in banks across the country is safe, your insurance is secure. You can rely on the continued operation of our financial system; that’s not the source of concern.

The concern is that, if we do not re-start lending in this country, our recovery will be choked off before it even begins. You see, the flow of credit is the lifeblood of our economy. The ability to get a loan is how you finance the purchase of everything from a home to a car to a college education, how stores stock their shelves, farms buy equipment, and businesses make payroll.

But credit has stopped flowing the way it should. Too many bad loans from the housing crisis have made their way onto the books of too many banks. And with so much debt and so little confidence, these banks are now fearful of lending out any more money to households, to businesses, or even to each other.

When there’s no lending, families can’t afford to buy homes or cars, so businesses are forced to make layoffs. Our economy suffers even more, and credit dries up even further.

That is why this administration is moving swiftly and aggressively to break this destructive cycle, to restore confidence, and restart lending.

And we will do so in several ways. First, we are creating a new lending fund that represents the largest effort ever to help provide auto loans, college loans, and small-business loans to the consumers and entrepreneurs who keep this economy running.

Second — second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages.

It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values, Americans who will now be able to take advantage of the lower interest rates that this plan has already helped to bring about. In fact, the average family who refinances today can save nearly $2,000 per year on their mortgage.

Third, we will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times. And when we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.

Now, I understand that, on any given day, Wall Street may be more comforted by an approach that gives bank bailouts with no strings attached and that holds nobody accountable for their reckless decisions, but such an approach won’t solve the problem.

And our goal is to quicken the day when we restart lending to the American people and American business and end this crisis once and for all. And I intend to hold these banks fully accountable for the assistance they receive, and this time they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer.

This time — this time, CEOs won’t be able to use taxpayer money to pad their paychecks, or buy fancy drapes, or disappear on a private jet. Those days are over.

Still, this plan will require significant resources from the federal government and, yes, probably more than we’ve already set aside. But while the cost of action will be great, I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade.

That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen.

Now, I understand that when the last administration asked this Congress to provide assistance for struggling banks, Democrats and Republicans alike were infuriated by the mismanagement and the results that followed. So were the American taxpayers; so was I.

So I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you: I get it.

But I also know that, in a time of crisis, we cannot afford to govern out of anger or yield to the politics of the moment.

My job — our job — is to solve the problem. Our job is to govern with a sense of responsibility.

I will not send — I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can’t pay its workers or the family that has saved and still can’t get a mortgage.

That’s what this is about. It’s not about helping banks; it’s about helping people.

It’s not about helping banks; it’s about helping people. Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend. And if they can get a loan, too, maybe they’ll finally buy that car or open their own business.

Investors will return to the market, and American families will see their retirement secured once more. Slowly, but surely, confidence will return, and our economy will recover.

So — so I ask this Congress to join me in doing whatever proves necessary, because we cannot consign our nation to an open-ended recession. And to ensure that a crisis of this magnitude never happens again, I ask Congress to move quickly on legislation that will finally reform our outdated regulatory system.

It is time. It is time.

It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation and punishes shortcuts and abuse.

The recovery plan and the financial stability plan are the immediate steps we’re taking to revive our economy in the short term, but the only way to fully restore America’s economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world.

The only way this century will be another American century is if we confront at last the price of our dependence on oil and the high cost of health care, the schools that aren’t preparing our children and the mountain of debt they stand to inherit. That is our responsibility.

In the next few days, I will submit a budget to Congress. So often, we’ve come to view these documents as simply numbers on a page or a laundry list of programs.

I see this document differently. I see it as a vision for America, as a blueprint for our future.

My budget does not attempt to solve every problem or address every issue. It reflects the stark reality of what we’ve inherited: a trillion-dollar deficit, a financial crisis, and a costly recession.

Given these realities, everyone in this chamber — Democrats and Republicans — will have to sacrifice some worthy priorities for which there are no dollars, and that includes me.

But that does not mean we can afford to ignore our long-term challenges.

I reject the view that says our problems will simply take care of themselves, that says government has no role in laying the foundation for our common prosperity, for history tells a different story.

History reminds us that, at every moment of economic upheaval and transformation, this nation has responded with bold action and big ideas.

In the midst of civil war, we laid railroad tracks from one coast to another that spurred commerce and industry.

From the turmoil of the Industrial Revolution came a system of public high schools that prepared our citizens for a new age.

In the wake of war and depression, the GI Bill sent a generation to college and created the largest middle-class in history.

And a twilight struggle for freedom led to a nation of highways, an American on the moon, and an explosion of technology that still shapes our world.

In each case, government didn’t supplant private enterprise; it catalyzed private enterprise. It created the conditions for thousands of entrepreneurs and new businesses to adapt and to thrive.

We are a nation that has seen promise amid peril and claimed opportunity from ordeal. Now we must be that nation again.

That is why, even as it cuts back on programs we don’t need, the budget I submit will invest in the three areas that are absolutely critical to our economic future: energy, health care, and education.

It begins with energy.

We know the country that harnesses the power of clean, renewable energy will lead the 21st century. And yet it is China that has launched the largest effort in history to make their economy energy efficient. We invented solar technology, but we’ve fallen behind countries like Germany and Japan in producing it. New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea.

Well, I do not accept a future where the jobs and industries of tomorrow take root beyond our borders, and I know you don’t, either. It is time for America to lead again.

Thanks to our recovery plan, we will double this nation’s supply of renewable energy in the next three years. We’ve also made the largest investment in basic research funding in American history, an investment that will spur not only new discoveries in energy, but breakthroughs in medicine, in science and technology.

We will soon lay down thousands of miles of power lines that can carry new energy to cities and towns across this country. And we will put Americans to work making our homes and buildings more efficient so that we can save billions of dollars on our energy bills.

But to truly transform our economy, to protect our security and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy.

So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America. That’s what we need.

And to support — to support that innovation, we will invest $15 billion a year to develop technologies like wind power and solar power, advanced biofuels, clean coal, and more efficient cars and trucks built right here in America.

Speaking of our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not and will not protect them from their own bad practices.

But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it; scores of communities depend on it; and I believe the nation that invented the automobile cannot walk away from it.

Now, none of this will come without cost, nor will it be easy. But this is America. We don’t do what’s easy. We do what’s necessary to move this country forward.

And for that same reason, we must also address the crushing cost of health care.

This is a cost that now causes a bankruptcy in America every 30 seconds. By the end of the year, it could cause 1.5 million Americans to lose their homes. In the last eight years, premiums have grown four times faster than wages. And in each of these years, 1 million more Americans have lost their health insurance.

It is one of the major reasons why small businesses close their doors and corporations ship jobs overseas. And it is one of the largest and fastest-growing parts of our budget.

Given these facts, we can no longer afford to put health care reform on hold. We can’t afford to do it.

It’s time.

Already, we’ve done more to advance the cause of health care reform in the last 30 days than we’ve done in the last decade. When it was days old, this Congress passed a law to provide and protect health insurance for 11 million American children whose parents work full-time.

Our recovery plan will invest in electronic health records and new technology that will reduce errors, bring down costs, ensure privacy, and save lives.

It will launch a new effort to conquer a disease that has touched the life of nearly every American, including me, by seeking a cure for cancer in our time.

And — and it makes the largest investment ever in preventive care, because that’s one of the best ways to keep our people healthy and our costs under control.

This budget builds on these reforms. It includes a historic commitment to comprehensive health care reform, a down payment on the principle that we must have quality, affordable health care for every American. It’s a commitment

It’s a commitment that’s paid for in part by efficiencies in our system that are long overdue, and it’s a step we must take if we hope to bring down our deficit in the years to come.

Now, there will be many different opinions and ideas about how to achieve reform. That’s why I’m bringing together businesses and workers, doctors and health care providers, Democrats and Republicans to begin work on this issue next week.

I suffer no illusions that this will be an easy process. Once again, it will be hard. But I also know that nearly a century after Teddy Roosevelt first called for reform, the cost of our health care has weighed down our economy and our conscience long enough.

So let there be no doubt: Health care reform cannot wait, it must not wait, and it will not wait another year.

The third challenge we must address is the urgent need to expand the promise of education in America.

In a global economy, where the most valuable skill you can sell is your knowledge, a good education is no longer just a pathway to opportunity. It is a prerequisite.

Right now, three-quarters of the fastest-growing occupations require more than a high school diploma, and yet just over half of our citizens have that level of education. We have one of the highest high school dropout rates of any industrialized nation, and half of the students who begin college never finish.

This is a prescription for economic decline, because we know the countries that out-teach us today will out-compete us tomorrow. That is why it will be the goal of this administration to ensure that every child has access to a complete and competitive education, from the day they are born to the day they begin a career. That is a promise we have to make to the children of America.

Already, we’ve made a historic investment in education through the economic recovery plan. We’ve dramatically expanded early childhood education and will continue to improve its quality, because we know that the most formative learning comes in those first years of life.

We’ve made college affordable for nearly 7 million more students, 7 million. And we have provided the resources necessary to prevent painful cuts and teacher layoffs that would set back our children’s progress.

But we know that our schools don’t just need more resources; they need more reform. And that is why…

That is why this budget creates new teachers — new incentives for teacher performance, pathways for advancement, and rewards for success. We’ll invest — we’ll invest in innovative programs that are already helping schools meet high standards and close achievement gaps. And we will expand our commitment to charter schools.

It is…It is our responsibility as lawmakers and as educators to make this system work, but it is the responsibility of every citizen to participate in it.

So tonight I ask every American to commit to at least one year or more of higher education or career training. This can be a community college or a four-year school, vocational training or an apprenticeship. But whatever the training may be, every American will need to get more than a high school diploma.

And dropping out of high school is no longer an option. It’s not just quitting on yourself; it’s quitting on your country. And this country needs and values the talents of every American.

That’s why — that’s why we will support — we will provide the support necessary for all young Americans to complete college and meet a new goal: By 2020, America will once again have the highest proportion of college graduates in the world. That is a goal we can meet.

That’s a goal we can meet.

Now — now, I know that the price of tuition is higher than ever, which is why, if you are willing to volunteer in your neighborhood or give back to your community or serve your country, we will make sure that you can afford a higher education.

And to encourage a renewed spirit of national service for this and future generations, I ask Congress to send me the bipartisan legislation that bears the name of Sen. Orrin Hatch, as well as an American who has never stopped asking what he can do for his country, Sen. Edward Kennedy.

These education policies will open the doors of opportunity for our children, but it is up to us to ensure they walk through them.

In the end, there is no program or policy that can substitute for a parent, for a mother or father who will attend those parent-teacher conferences, or help with homework, or turn off the TV, put away the video games, read to their child.

I speak to you not just as a president, but as a father, when I say that responsibility for our children’s education must begin at home. That is not a Democratic issue or a Republican issue. That’s an American issue.

And there is, of course, another responsibility we have to our children, and that’s the responsibility to ensure that we do not pass on to them a debt they cannot pay. That is critical.

I agree, absolutely.

See, I know we can get some consensus in here.

With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that, as our economy recovers, we do what it takes to bring this deficit down. That is critical.

Now, I’m proud that we passed a recovery plan free of earmarks, and I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities.

And yesterday, I — I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs.

As you can imagine, this is a process that will take some time, but we have already identified $2 trillion in savings over the next decade.

In this budget, we will end education programs that don’t work and end direct payments to large agribusinesses that don’t need them.

We’ll eliminate the no-bid contracts that have wasted billions in Iraq and — and reform our defense budget so that we’re not paying for Cold War-era weapons systems we don’t use.

We will root out — we will root out the waste and fraud and abuse in our Medicare program that doesn’t make our seniors any healthier. We will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas.

In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2 percent of Americans.

Now, let me be clear. Let me be absolutely clear, because I know you’ll end up hearing some of the same claims that rolling back these tax breaks means a massive tax increase on the American people. If your family earns less than $250,000 a year, a quarter-million dollars a year, you will not see your taxes increased a single dime. I repeat: not one single dime.

In fact — not a dime.

In fact — in fact, the recovery plan provides a tax cut — that’s right, a tax cut — for 95 percent of working families. And, by the way, these checks are on the way.

Now, to preserve our long-term fiscal health, we must also address the growing cost in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come, and we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans.

Finally, because we’re also suffering from a deficit of trust, I am committed to restoring a sense of honesty and accountability to our budget. That is why this budget looks ahead 10 years and accounts for spending that was left out under the old rules and, for the first time, that includes the full cost of fighting in Iraq and Afghanistan.

For seven years, we’ve been a nation at war. No longer will we hide its price.

Along with our outstanding national security team, I am now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war.

And with our friends and allies, we will forge a new and comprehensive strategy for Afghanistan and Pakistan to defeat al Qaeda and combat extremism, because I will not allow terrorists to plot against the American people from safe havens halfway around the world. We will not allow it.

As we meet here tonight, our men and women in uniform stand watch abroad and more are readying to deploy. To each and every one of them, and to the families who bear the quiet burden of their absence, Americans are united in sending one message: We honor your service; we are inspired by your sacrifice; and you have our unyielding support.

To relieve the strain on our forces, my budget increases the number of our soldiers and Marines. And to keep our sacred trust with those who serve, we will raise their pay and give our veterans the expanded health care and benefits that they have earned.

To overcome extremism, we must also be vigilant in upholding the values our troops defend, because there is no force in the world more powerful than the example of America. And that is why I have ordered the closing of the detention center at Guantanamo Bay and will seek swift and certain justice for captured terrorists, because living our values doesn’t make us weaker. It makes us safer, and it makes us stronger.

And that is why I can stand here tonight and say without exception or equivocation that the United States of America does not torture. We can make that commitment here tonight.

In words and deeds, we are showing the world that a new era of engagement has begun, for we know that America cannot meet the threats of this century alone, but the world cannot meet them without America.

We cannot shun the negotiating table nor ignore the foes or forces that could do us harm. We are instead called to move forward with the sense of confidence and candor that serious times demand.

To seek progress towards a secure and lasting peace between Israel and her neighbors, we have appointed an envoy to sustain our effort. To meet the challenges of the 21st century — from terrorism to nuclear proliferation, from pandemic disease to cyber threats to crushing poverty — we will strengthen old alliances, forge new ones, and use all elements of our national power.

And to respond to an economic crisis that is global in scope, we are working with the nations of the G-20 to restore confidence in our financial system, avoid the possibility of escalating protectionism, and spur demand for American goods in markets across the globe, for the world depends on us having a strong economy, just as our economy depends on the strength of the world’s.

As we stand at this crossroads of history, the eyes of all people in all nations are once again upon us, watching to see what we do with this moment, waiting for us to lead.

Those of us gathered here tonight have been called to govern in extraordinary times. It is a tremendous burden, but also a great privilege, one that has been entrusted to few generations of Americans, for in our hands lies the ability to shape our world, for good or for ill.

I know that it’s easy to lose sight of this truth, to become cynical and doubtful, consumed with the petty and the trivial.

But in my life, I have also learned that hope is found in unlikely places, that inspiration often comes not from those with the most power or celebrity, but from the dreams and aspirations of ordinary Americans who are anything but ordinary.

I think of Leonard Abess, a bank president from Miami who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him. He didn’t tell anyone, but when the local newspaper found out, he simply said, “I knew some of these people since I was 7 years old. I didn’t feel right getting the money myself.”

I think about — I think about Greensburg — Greensburg, Kansas, a town that was completely destroyed by a tornado, but is being rebuilt by its residents as a global example of how clean energy can power an entire community, how it can bring jobs and businesses to a place where piles of bricks and rubble once lay.

“The tragedy was terrible,” said one of the men who helped them rebuild. “But the folks here know that it also provided an incredible opportunity.”

I think about Ty’Sheoma Bethea, the young girl from that school I visited in Dillon, South Carolina, a place where the ceilings leak, the paint peels off the walls, and they have to stop teaching six times a day because the train barrels by their classroom.

She had been told that her school is hopeless. But the other day after class, she went to the public library and typed up a letter to the people sitting in this chamber. She even asked her principal for the money to buy a stamp.

The letter asks us for help and says, “We are just students trying to become lawyers, doctors, congressmen like yourself, and one day president, so we can make a change to not just the state of South Carolina, but also the world. We are not quitters.”

That’s what she said: “We are not quitters.”

These words and these stories tell us something about the spirit of the people who sent us here. They tell us that, even in the most trying times, amid the most difficult circumstances, there is a generosity, a resilience, a decency, and a determination that perseveres, a willingness to take responsibility for our future and for posterity.

Their resolve must be our inspiration. Their concerns must be our cause. And we must show them and all our people that we are equal to the task before us.

I know that we haven’t agreed on every issue thus far.

There are surely times in the future where we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed.

I know that.

That must be the starting point for every debate we have in the coming months and where we return after those debates are done. That is the foundation on which the American people expect us to build common ground.

And if we do, if we come together and lift this nation from the depths of this crisis, if we put our people back to work and restart the engine of our prosperity, if we confront without fear the challenges of our time and summon that enduring spirit of an America that does not quit, then some day, years from now, our children can tell their children that this was the time when we performed, in the words that are carved into this very chamber, “something worthy to be remembered.”

Thank you. God bless you. And may God bless the United States of America. Thank you. 

Source: CNN

Popularity: 69% [?]

WASHINGTON – After the flub heard around the world, PresidentBarack Obama has taken the oath of office. Again. Chief Justice John Roberts delivered the oath to Obama on Wednesday night at the White House — a rare do-over. The surprise moment came in response to Tuesday’s much-noticed stumble, when Roberts got the words of the oath a little off, which prompted Obama to do so, too.

Don’t worry, the White House says: Obama has still been president since noon on Inauguration Day.

Nevertheless, Obama and Roberts went through the drill again out of what White House counsel Greg Craig called “an abundance of caution.”

This time, the scene was the White House Map Room in front of a small group of reporters, not the Capitol platform before the whole watching world.

“We decided that because it was so much fun …,” Obama joked to reporters who followed press secretary Robert Gibbs into the room. No TV camera crews or news photographers were allowed in. A few of Obama’s closest aides were there, along with a White House photographer.

Roberts put on his black robe.

“Are you ready to take the oath?” he said.

“Yes, I am,” Obama said. “And we’re going to do it very slowly.”

Roberts then led Obama through the oath without any missteps.

The president said he did not have his Bible with him, but that the oath was binding anyway.

The original, bungled version on Tuesday caught observers by surprise and then got replayed on cable news shows.

It happened when Obama interrupted Roberts midway through the opening line, in which the president repeats his name and solemnly swears.

Next in the oath is the phrase ” … that I will faithfully execute the office of president of the United States.” But Roberts rearranged the order of the words, not saying “faithfully” until after “president of the United States.”

That appeared to throw Obama off. He stopped abruptly at the word “execute.”

Recognizing something was off, Roberts then repeated the phrase, putting “faithfully” in the right place but without repeating “execute.”

But Obama then repeated Roberts’ original, incorrect version: “… the office of president of the United States faithfully.”

Craig, the White House lawyer, said in a statement Wednesday evening: “We believe the oath of office was administered effectively and that the president was sworn in appropriately yesterday. Yet the oath appears in the Constitution itself. And out of the abundance of caution, because there was one word out of sequence,Chief Justice John Roberts will administer the oath a second time.”

The Constitution is clear about the exact wording of the oath and as a result, some constitutional experts have said that a do-over probably wasn’t necessary but also couldn’t hurt. Two other previous presidents have repeated the oath because of similar issues, Calvin Coolidge and Chester A. Arthur.

Source: Associated Press writer Phil Elliott

Popularity: 5% [?]

 

 

The full transcript of President Barack Obama speech after taking the Oath of Office, January 20, 2009.

My fellow citizens:

I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.

Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often, the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forebearers, and true to our founding documents.

So it has been. So it must be with this generation of Americans.

That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land — a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights.

 

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America: They will be met.

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.

On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn-out dogmas, that for far too long have strangled our politics.

We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.

In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of shortcuts or settling for less. It has not been the path for the fainthearted — for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things — some celebrated, but more often men and women obscure in their labor — who have carried us up the long, rugged path toward prosperity and freedom.

For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.

For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.

For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn.

Time and again, these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions — that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.

For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act — not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.

Now, there are some who question the scale of our ambitions — who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.

What the cynics fail to understand is that the ground has shifted beneath them — that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works — whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account — to spend wisely, reform bad habits, and do our business in the light of day — because only then can we restore the vital trust between a people and their government.

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control — and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our gross domestic product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart — not out of charity, but because it is the surest route to our common good.

As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: Know that America is a friend of each nation and every man, woman and child who seeks a future of peace and dignity, and that we are ready to lead once more.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort — even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you.

For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus — and nonbelievers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West: Know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist.

To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to suffering outside our borders; nor can we consume the world’s resources without regard to effect. For the world has changed, and we must change with it.

As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us today, just as the fallen heroes who lie in Arlington whisper through the ages. We honor them not only because they are guardians of our liberty, but because they embody the spirit of service; a willingness to find meaning in something greater than themselves. And yet, at this moment — a moment that will define a generation — it is precisely this spirit that must inhabit us all.

For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter’s courage to storm a stairway filled with smoke, but also a parent’s willingness to nurture a child, that finally decides our fate.

Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends — hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism — these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility — a recognition, on the part of every American, that we have duties to ourselves, our nation and the world; duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task.

This is the price and the promise of citizenship.

This is the source of our confidence — the knowledge that God calls on us to shape an uncertain destiny.

This is the meaning of our liberty and our creed — why men and women and children of every race and every faith can join in celebration across this magnificent Mall, and why a man whose father less than 60 years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath.

So let us mark this day with remembrance, of who we are and how far we have traveled. In the year of America’s birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people:

“Let it be told to the future world … that in the depth of winter, when nothing but hope and virtue could survive… that the city and the country, alarmed at one common danger, came forth to meet [it].”

America. In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children’s children that when we were tested, we refused to let this journey end, that we did not turn back, nor did we falter; and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.

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