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The President: Hello, Alabama!
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(applause)
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Hello, Lawson
State Community College!
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(applause)
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Well,
it's good to be here.
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Thank you so much.
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Audience Member: We love you!
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The President: I love you back!
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I do!
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Thank you.
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(applause)
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Everybody,
have a seat.
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Have a seat.
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I'm going to talk for a second.
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Everybody please give Ollie a
big round of applause, please.
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(applause)
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I felt a little bad
because Ollie said "a man who
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needs no introduction,"
so I started walking out.
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(laughter)
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Then it turned out
she had a little introduction.
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(laughter)
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But it is
wonderful to be here.
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Let me just say, first of
all, thank you to Dr. Ward --
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(applause)
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-- who is
not only your president;
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we named him a White House
"Champion of Change" for the
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very work he's done
here at Lawson State.
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(applause)
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We've got two
outstanding public servants here
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as well -- Congresswoman
Terri Sewell is here.
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(applause)
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Where's Terri?
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I don't even see her.
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Audience Member: Over here!
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The President: There she
is -- she's way over there.
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And your Mayor, William
Bell, is in the house.
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(applause)
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So I'm here, Birmingham, to just
acknowledge that I didn't have
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UAB making it out
of the first round.
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(laughter)
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The President: My
bracket is so busted.
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(laughter)
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But, UAB, that's
a great accomplishment.
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I want to congratulate them.
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(applause)
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It's also great to be
with students like those here at
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Lawson State, at
community colleges.
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(applause)
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I'm
proud of all of you.
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I'm proud of you making this
investment in yourselves.
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What you're doing takes
effort and persistence.
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And it takes faith in the idea
that no matter how you started,
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no matter where you come from,
no matter what zip code you were
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born in, in America if you
work hard you can get ahead.
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(applause)
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I think it was
yesterday I saw a story where
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someone said that a visit from
the President is a "potential
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game-changer" for
the neighborhood.
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I don't know if just one
visit is a game-changer,
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but it's nice to be with you.
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The real game-changers for any
neighborhood, for any community,
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are the people there, the
folks who, day in, day out,
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are doing the work, and raising
families and participating in
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the community, and through their
churches and faith institutions
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are trying to provide that
optimism and that lift.
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And the young
people who are here,
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you're the game-changers --
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-- because what
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you're studying and your ability
to then apply that learning,
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that's going to
make a difference.
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The love we put into our
families and our communities
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every day, and embracing
the joys of citizenship and
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participation -- that's
what is a game-changer.
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That's what makes a difference.
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Now, I won't deny I
can help a little bit.
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(applause)
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I can maybe make
a little bit of difference.
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And today, I want to talk about
what we can do as a country to
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reward hard work, and
keep the economy growing,
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and make sure that new jobs
and opportunities exist.
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The good news is, right now,
we're on a 60-month streak of
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private sector job creation
--
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(applause.)
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Sixty months,
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We've created 12
million new jobs.
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Nationwide, the unemployment
rate has fallen -- when I came
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into office, that first
year it was 10 percent;
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now it's 5.5 percent.
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(applause)
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There are more job
openings than at any time
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since 2001.
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Meanwhile, our high school
graduation rate is up,
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at an all-time high.
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(applause)
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More than 16 million
Americans have gained the
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security of health insurance.
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(applause)
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We're producing more
energy than ever before -- oil
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and gas, but also wind
power and solar power.
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Meanwhile, lower gas prices
should save the typical family
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this year about
$700 at the pump.
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(applause)
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And the good news
is wages are even on the rise
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again, and that's going
to help a lot of families.
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(applause)
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So it's been a long, hard road.
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But thanks to the hard work
of the American people,
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America is coming back.
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So the question now is,
where do we go from here?
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Do we accept an economy where
just a few people do really,
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really well?
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Or are we going to keep building
an economy that generates
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opportunity for everybody
who's willing to work?
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(applause)
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And what I believe is, is that
America does best when the
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middle class does better, and
when ordinary folks who maybe
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were born into poverty are able
to climb their way into the
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middle class, that's
good for everybody.
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The economy grows best
not from the top down,
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but from the bottom up
and from the middle out.
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(applause)
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So what we've been pushing
is what I call middle-class
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economics -- the idea that the
country does best when everybody
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has got a fair shot, everybody
is doing their fair share,
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everybody is playing
by the same rules.
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And we want not only everybody
to share in America's success
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but contribute to it, because we
know that if you field the team
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and only half the
folks get to play,
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that team will be
less successful.
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If everybody is playing a part,
that team is going to be
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more successful.
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So what does middle-class
economics mean in this
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new economy?
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It means that every American has
to have the tools to get ahead
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in a fast-paced, constantly
changing global economy.
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That means that we've got to
make sure that working families
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feel more secure, that their
paychecks can go a little
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farther, that they're getting
things like paid leave and child
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care not as luxuries but because
they help support families,
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that we treat those things as
priorities for working moms and
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working dads.
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It's time to follow the example
of states and cities and
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companies that are raising
America's minimum wage.
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That will make a difference.
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(applause)
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It means preparing
Americans to earn good jobs and
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higher wages, which means every
child getting a great education
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at the earliest age.
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(applause)
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Making college more
affordable so young people can
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afford to go to college without
getting burdened with debt.
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(applause)
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It means working with businesses
to provide apprenticeships and
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on-the-job training and other
paths into the middle class.
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And I want to bring down the
cost of community college
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to zero.
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(applause)
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Two years of
community college should be as
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free and universal as
high school is today.
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If we've got the best-trained
workforce in the world,
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then businesses will
come to Alabama.
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They'll come to Birmingham.
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They'll come to America.
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And we will succeed.
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(applause)
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Middle-class economics means
building the most competitive
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economy anywhere, so we can keep
churning out high-wage jobs for
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the workers to fill.
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I want to put more people back
to work rebuilding our roads and
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our bridges, modern ports --
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(applause)
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-- faster trains,
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faster Internet.
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We should invest
in those things.
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They pay off many times over.
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I want to invest in basic
research so that jobs and
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industries of the future take
root here because we've invented
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new products and new
services, and innovated.
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And we can pay for these
investments without blowing up
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our deficits.
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We just need to reform our tax
code so it helps middle-class
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families get ahead instead of
letting folks who already got a
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lot get ahead.
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(applause)
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And I have to say, these
ideas are not about ideology.
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The reason I've proposed these
ideas is because we know
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they work.
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Now, let me talk about
Washington for a second.
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Let me just talk
about Washington for a second.
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(laughter)
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The good news is that today the
House of Representatives passed
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a bill.
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(laughter)
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No, no.
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You think I'm joking.
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I'm not.
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(laughter)
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It was a bipartisan
bill designed to make sure that
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doctors in our Medicare
system get paid on time;
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that the Children's Health
Insurance Program continues
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to work.
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I called the Speaker,
John Boehner,
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and the Democratic Leader,
Nancy Pelosi, and I said,
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congratulations, this is how
Congress is supposed to work.
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They came together;
they compromised.
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(applause)
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They had a good idea.
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They didn't get
everything they wanted.
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They passed a bill.
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Now the Senate hopefully
will pass the bill,
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and I'll get to sign it, and the
American people will be better
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off for it.
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And I thought, this is great.
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Let's do more of this.
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(applause)
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Let's make it happen.
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So I want to give John Boehner
and Nancy Pelosi credit.
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They did good work today.
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And they deserve credit, and
the House of Representatives
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deserves credit for that.
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(applause)
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So that was the good news.
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(laughter)
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The bad news is the
Republicans in Congress unveiled
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their budget, and it represents
the opposite of middle-class
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economics, because it would
hand out new tax cuts for
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millionaires and billionaires,
let taxes go up for students and
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working families because it
would eliminate their tax
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credits on a variety of things.
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It would cut investments in
education to the lowest level
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since the year 2000.
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It would double the number
of Americans without
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health insurance.
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And so you look
at it and you say,
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what are you trying to
solve with this budget?
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They say the reason they wanted
this budget is because we've got
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to do this to eliminate
deficits and debt.
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Now, keep in mind, the deficit
has come down by two-thirds
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since I've been President.
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(applause)
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It's come
down by two-thirds.
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And the budget I put forward
would continue to keep
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deficits low.
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But let's take
them at their word.
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They said they wanted
to reduce the deficit.
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Before the ink was even dry on
the budget that they put forward
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that was already full of tax
cuts for folks at the top,
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they rolled out their
next big economic plan,
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which was another huge tax
cut for folks at the top.
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This one would
cost $250 billion.
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It would apply only to the
top one-tenth of 1 percent
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of Americans.
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In Alabama, this new tax cut
they're proposing -- I've got to
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laugh because it would average
$2 million per person in tax
255
00:12:27,079 --> 00:12:30,779
cuts, and it would apply to less
than 50 people per year here in
256
00:12:30,783 --> 00:12:31,783
Alabama.
257
00:12:31,784 --> 00:12:37,794
The President: So 50 people
would get an average tax break
258
00:12:40,192 --> 00:12:41,192
of $2 million.
259
00:12:41,193 --> 00:12:45,663
Not 50,000 people -- 50.
260
00:12:45,664 --> 00:12:46,604
Audience Member: "Fiddy."
261
00:12:46,599 --> 00:12:47,269
The President: "Fiddy."
262
00:12:47,266 --> 00:12:59,846
(laughter and applause.)
263
00:12:59,845 --> 00:13:08,655
Now, what would lead you -- when
you're saying you're concerned
264
00:13:08,654 --> 00:13:13,924
about the deficit, what would
lead you to put in your budget
265
00:13:13,926 --> 00:13:21,166
and then propose right after
your budget something like that?
266
00:13:21,167 --> 00:13:23,367
I mean, did they look at the
budget -- they already got tax
267
00:13:23,369 --> 00:13:25,369
cuts for the wealthy, for
millionaires and billionaires,
268
00:13:25,371 --> 00:13:27,641
and then they say, you know
what we forgot to put in here?
269
00:13:27,640 --> 00:13:31,680
Another deficit-busting tax
cut for the top one-tenth of 1
270
00:13:31,677 --> 00:13:32,677
percent of Americans.
271
00:13:32,678 --> 00:13:35,378
That's what's really going
to move the country forward.
272
00:13:35,381 --> 00:13:37,421
Is that what they were thinking?
273
00:13:37,416 --> 00:13:37,986
I guess.
274
00:13:37,983 --> 00:13:42,753
(laughter)
275
00:13:42,755 --> 00:13:45,355
I don't think our
top economic priority should be
276
00:13:45,357 --> 00:13:49,027
helping a tiny number of
Americans who are already doing
277
00:13:49,028 --> 00:13:52,898
really, really well, and then
asking everybody else to foot
278
00:13:52,898 --> 00:13:53,298
the bill.
279
00:13:53,299 --> 00:13:54,269
(applause)
280
00:13:54,266 --> 00:13:56,466
And keep in mind,
one of the things about being
281
00:13:56,468 --> 00:13:59,968
President, you meet people
from all walks of life.
282
00:13:59,972 --> 00:14:02,142
You meet folks with
very modest incomes.
283
00:14:02,141 --> 00:14:05,281
You meet the wealthiest
people in the world.
284
00:14:05,277 --> 00:14:09,517
And let me just say, some of
these folks at the very top,
285
00:14:09,515 --> 00:14:14,085
the top one-tenth of 1
percent, are wonderful people.
286
00:14:14,086 --> 00:14:16,086
Warren Buffet is a
great friend of mine.
287
00:14:16,088 --> 00:14:17,728
They've done amazing things.
288
00:14:17,723 --> 00:14:18,723
They've invested.
289
00:14:18,724 --> 00:14:20,224
They've created businesses.
290
00:14:20,226 --> 00:14:22,666
They deserve great success.
291
00:14:22,661 --> 00:14:24,201
But they really
don't need a tax cut.
292
00:14:24,196 --> 00:14:26,366
(laughter)
293
00:14:26,365 --> 00:14:31,405
And if you talk to
them, they'll tell you,
294
00:14:31,403 --> 00:14:34,403
"I already got a couple planes,
I already got a boat --
295
00:14:34,406 --> 00:14:35,806
(laughter)
296
00:14:35,808 --> 00:14:38,248
-- I already got five
or six houses -- I'm okay."
297
00:14:38,244 --> 00:14:42,644
(laughter)
298
00:14:42,648 --> 00:14:45,188
And the idea that you
would do it at the same time as
299
00:14:45,184 --> 00:14:48,024
you're eliminating tax credits
for students or working families
300
00:14:48,020 --> 00:14:50,860
-- that doesn't make sense.
301
00:14:50,856 --> 00:14:53,896
Our top priority should be
helping everybody who works hard
302
00:14:53,892 --> 00:14:55,892
get ahead.
303
00:14:55,894 --> 00:14:57,894
It doesn't mean
everybody is going to be equal.
304
00:14:57,896 --> 00:14:59,896
It doesn't mean that we're going
to punish people who started
305
00:14:59,898 --> 00:15:01,338
businesses and taking risks.
306
00:15:01,333 --> 00:15:04,703
They should be rewarded.
307
00:15:04,703 --> 00:15:08,373
But we want to make sure
everybody has a chance to do
308
00:15:08,374 --> 00:15:11,444
okay if they're working hard.
309
00:15:11,443 --> 00:15:14,243
And that brings me to one of the
main reasons that I'm here in
310
00:15:14,246 --> 00:15:16,216
Birmingham today.
311
00:15:17,716 --> 00:15:23,326
One of the main ways to make
sure paychecks to go farther is
312
00:15:23,322 --> 00:15:26,062
to make sure working families
don't get ripped off.
313
00:15:26,058 --> 00:15:29,028
(applause)
314
00:15:29,028 --> 00:15:34,568
Right? And that's why we've taken
315
00:15:34,566 --> 00:15:35,866
action to protect Americans from
316
00:15:35,868 --> 00:15:39,438
financial advisors who don't
necessarily have the interests
317
00:15:39,438 --> 00:15:41,308
of their clients at heart.
318
00:15:41,307 --> 00:15:44,647
That's why we've taken steps to
protect student borrowers from
319
00:15:44,643 --> 00:15:46,483
unaffordable debt.
320
00:15:46,478 --> 00:15:50,448
We want them to know
before they owe.
321
00:15:50,449 --> 00:15:53,719
It's why, five years ago, we
passed historic Wall Street
322
00:15:53,719 --> 00:15:59,259
reform to end this era
of "too big to fail,
323
00:15:59,258 --> 00:16:04,028
" where banks on Wall Street,
some of them would make reckless
324
00:16:04,029 --> 00:16:06,169
bets, and then everybody else
would have to clean up
325
00:16:06,165 --> 00:16:07,395
after them.
326
00:16:07,399 --> 00:16:10,139
And why we've been working to
protect people so that they
327
00:16:10,135 --> 00:16:12,605
understand mortgages, and they
don't buy homes they can't
328
00:16:12,604 --> 00:16:17,274
afford and end up in a situation
not only hurting themselves,
329
00:16:17,276 --> 00:16:20,576
but hurting the
financial system.
330
00:16:20,579 --> 00:16:22,579
And that's why, as
part of this reform,
331
00:16:22,581 --> 00:16:25,921
we created an independent
consumer watchdog with just one
332
00:16:25,918 --> 00:16:27,918
mission, and that is to
look out for all of you.
333
00:16:27,920 --> 00:16:31,320
And it's called the Consumer
Financial Protection Bureau --
334
00:16:31,323 --> 00:16:33,393
or CFPB.
335
00:16:33,392 --> 00:16:34,522
(applause)
336
00:16:34,526 --> 00:16:38,366
Now, these
folks -- the CFPB,
337
00:16:38,364 --> 00:16:40,364
it hasn't been
around a long time,
338
00:16:40,366 --> 00:16:42,666
but because of the work they've
done -- it's not a big agency,
339
00:16:42,668 --> 00:16:46,908
but they've already put over $5
billion back into the pockets of
340
00:16:46,905 --> 00:16:48,905
more than 15 million families.
341
00:16:48,907 --> 00:16:49,777
(applause)
342
00:16:49,775 --> 00:16:52,615
Because they've taken
on unfair lending practices and
343
00:16:52,611 --> 00:16:55,311
unscrupulous mortgage brokers.
344
00:16:55,314 --> 00:16:57,314
And they've gotten
refunds for folks,
345
00:16:57,316 --> 00:17:01,886
and are working with state and
local officials to make sure
346
00:17:01,887 --> 00:17:06,257
that people are protected when
it comes to their finances.
347
00:17:06,258 --> 00:17:09,458
Because if you work hard, you
shouldn't be taken advantage of.
348
00:17:09,461 --> 00:17:11,731
(applause)
349
00:17:11,730 --> 00:17:18,140
And today, they're taking new
steps towards cracking down on
350
00:17:18,137 --> 00:17:22,437
some of the most abusive
practices involving payday loans
351
00:17:22,441 --> 00:17:23,441
and title loans.
352
00:17:23,442 --> 00:17:24,442
(applause)
353
00:17:24,443 --> 00:17:30,453
Now, Ollie was talking about
this in a very personal way.
354
00:17:32,985 --> 00:17:36,555
I want to just break
this down for folks.
355
00:17:36,555 --> 00:17:39,395
Every year, millions of
Americans take out these payday
356
00:17:39,391 --> 00:17:43,661
loans -- here in Alabama, there
are four times as many payday
357
00:17:43,662 --> 00:17:45,732
lending stores as
there are McDonald's.
358
00:17:48,834 --> 00:17:49,834
Think about that.
359
00:17:49,835 --> 00:17:52,575
Because there are a
lot of McDonald's.
360
00:17:52,571 --> 00:17:54,911
(laughter)
361
00:17:54,907 --> 00:17:58,907
There are four times
as many payday loan operations
362
00:17:58,911 --> 00:18:02,251
here in Alabama as
there are McDonald's.
363
00:18:02,247 --> 00:18:06,557
Now, what they'll say, the folks
who run these things -- in
364
00:18:06,552 --> 00:18:10,652
theory, what they'll say is
these loans help you deal with a
365
00:18:10,656 --> 00:18:12,226
one-time expense.
366
00:18:12,224 --> 00:18:16,564
So your car breaks down, you got
to get to work; you go there,
367
00:18:16,562 --> 00:18:19,002
cash a check real quick,
or get a quick loan,
368
00:18:21,066 --> 00:18:23,306
and then that's the end of it.
369
00:18:23,302 --> 00:18:26,172
In reality, most payday loans
aren't taken out for
370
00:18:26,171 --> 00:18:27,941
one-time expenses.
371
00:18:27,940 --> 00:18:33,350
They're taken out to
pay for previous loans.
372
00:18:33,345 --> 00:18:35,645
You borrow money to pay for the
money you already borrowed.
373
00:18:38,951 --> 00:18:40,951
As Ollie will tell you,
before you know it,
374
00:18:40,953 --> 00:18:42,953
you find yourselves
trapped in a cycle of debt.
375
00:18:42,955 --> 00:18:45,995
At first it seems
like easy money.
376
00:18:45,991 --> 00:18:50,031
But the average borrower ends up
spending about 200 days out of
377
00:18:50,028 --> 00:18:51,798
the year in debt.
378
00:18:51,797 --> 00:18:56,707
You take out a $500 loan at the
rates that they're charging in
379
00:18:56,702 --> 00:19:02,242
these payday loans -- some cases
450 percent interest -- you wind
380
00:19:02,241 --> 00:19:07,041
up paying more than $1,000 in
interest and fees on the $500
381
00:19:07,045 --> 00:19:09,845
that you borrowed.
382
00:19:09,848 --> 00:19:11,918
We were hearing a story from
some of the advocates who were
383
00:19:11,917 --> 00:19:17,457
working here in Alabama, a
story about a family -- the
384
00:19:17,456 --> 00:19:19,626
grandmother died,
matriarch of the family.
385
00:19:19,625 --> 00:19:20,955
She passed away.
386
00:19:20,959 --> 00:19:24,199
They don't have quite enough
to pay for the funeral.
387
00:19:24,196 --> 00:19:29,136
They go to a payday loan,
borrow for the funeral;
388
00:19:29,134 --> 00:19:32,704
can't pay back the loan in time;
the family's car gets
389
00:19:32,704 --> 00:19:33,704
taken away.
390
00:19:33,705 --> 00:19:37,705
And the two folks who are the
breadwinners in that family lose
391
00:19:37,709 --> 00:19:39,709
their jobs because
they can't get
392
00:19:39,711 --> 00:19:40,711
to work. Right?
393
00:19:40,712 --> 00:19:45,422
So what started off as a
short-term emergency suddenly
394
00:19:45,417 --> 00:19:49,617
becomes a catastrophic financial
situation for that family.
395
00:19:52,391 --> 00:19:54,791
And you don't need to be a math
genius to know that it's a
396
00:19:54,793 --> 00:19:57,693
pretty bad deal if you're
borrowing $500 and you have to
397
00:19:57,696 --> 00:20:00,766
pay back $1,000 in interest.
398
00:20:00,766 --> 00:20:03,906
So I just met with faith leaders
and consumer advocates and civil
399
00:20:03,902 --> 00:20:06,572
rights leaders here in Alabama
who are coming together to
400
00:20:06,572 --> 00:20:08,202
change that.
401
00:20:08,206 --> 00:20:13,916
And I want to say that this
is a bipartisan effort.
402
00:20:13,912 --> 00:20:17,012
You've got some very
conservative folks here in
403
00:20:17,015 --> 00:20:19,585
Alabama who recognize --
they're reading their Bible,
404
00:20:19,585 --> 00:20:21,215
they're saying, well,
that ain't right.
405
00:20:21,219 --> 00:20:23,689
(Laughter and applause.)
406
00:20:23,689 --> 00:20:25,759
Right? I mean,
407
00:20:25,757 --> 00:20:33,967
they're saying the Bible
is not wild about somebody
408
00:20:33,966 --> 00:20:39,876
charging $1,000 worth of
interest on a $500 loan.
409
00:20:39,871 --> 00:20:43,071
Because it feels like you're
taking advantage of somebody.
410
00:20:43,075 --> 00:20:46,145
If you're lending to somebody,
knowing they can't pay you back,
411
00:20:46,144 --> 00:20:50,314
and you're going to put them on
the hook and just squeeze them
412
00:20:50,315 --> 00:20:52,655
harder and harder and harder and
take more and more money out of
413
00:20:52,651 --> 00:20:56,851
them, you're taking
advantage of them.
414
00:20:56,855 --> 00:20:59,195
And so I'm very proud of the
bipartisan effort here in
415
00:20:59,191 --> 00:21:02,791
Alabama to try to change this.
416
00:21:02,794 --> 00:21:05,894
But I want everybody to know
they're not going to have to
417
00:21:05,897 --> 00:21:07,267
fight alone.
418
00:21:07,265 --> 00:21:12,005
Because at the federal level,
the Consumer Finance Protection
419
00:21:12,004 --> 00:21:15,504
Bureau, the CFPB, announced
today that it's going to take
420
00:21:15,507 --> 00:21:18,577
important steps towards
protecting consumers from
421
00:21:18,577 --> 00:21:20,977
getting stuck into
these cycles of debt.
422
00:21:20,979 --> 00:21:21,579
(applause)
423
00:21:21,580 --> 00:21:28,950
And the idea is pretty common
sense: If you lend out money,
424
00:21:28,954 --> 00:21:31,694
you have to first make sure that
the borrower can afford to pay
425
00:21:31,690 --> 00:21:33,160
it back.
426
00:21:33,158 --> 00:21:35,358
Don't lend somebody money if you
know they can't pay it back.
427
00:21:37,629 --> 00:21:43,939
As Americans, we don't mind
seeing folks make a profit.
428
00:21:43,935 --> 00:21:48,275
And if somebody lends you money,
then we expect you to charge
429
00:21:48,273 --> 00:21:51,713
interest on that loan.
430
00:21:51,710 --> 00:21:54,050
But if you're making that
profit by trapping hardworking
431
00:21:54,046 --> 00:21:57,416
Americans into a
vicious cycle of debt,
432
00:21:57,416 --> 00:21:59,386
you got to find a
new business model.
433
00:21:59,384 --> 00:22:01,384
You got to find a new
way of doing business.
434
00:22:01,386 --> 00:22:04,386
(applause)
435
00:22:04,389 --> 00:22:09,699
So this is just one more way
that America's new consumer
436
00:22:09,695 --> 00:22:14,535
watchdog is making sure more
of your paycheck stays in
437
00:22:14,533 --> 00:22:15,603
your pocket.
438
00:22:15,600 --> 00:22:19,910
And in the meantime, we're also
going to be working to educate
439
00:22:19,905 --> 00:22:24,875
folks on how to think
about their money.
440
00:22:24,876 --> 00:22:30,216
We were talking to Dr. Ward, and
through the community college
441
00:22:30,215 --> 00:22:35,685
process, through consumer
advocates at the local level,
442
00:22:35,687 --> 00:22:40,827
in the high schools, we need to
be teaching young people the
443
00:22:40,826 --> 00:22:43,196
dangers of taking out
too much consumer debt.
444
00:22:43,195 --> 00:22:44,195
(applause)
445
00:22:44,196 --> 00:22:50,366
And this is one more way that
Wall Street reform -- what we
446
00:22:50,368 --> 00:22:54,108
passed five years ago -- is
protecting working families
447
00:22:54,106 --> 00:22:55,606
and taxpayers.
448
00:22:55,607 --> 00:22:58,647
And that strengthens
the economy.
449
00:22:58,643 --> 00:23:00,643
And that's one more reason why
it makes no sense that the
450
00:23:00,645 --> 00:23:04,385
Republican budget would make it
harder for the CFPB to do its
451
00:23:04,382 --> 00:23:09,352
job, and would allow Wall Street
to go back to the kind of
452
00:23:09,354 --> 00:23:13,124
recklessness that led to the
crisis in the first place,
453
00:23:13,125 --> 00:23:18,795
and would allow these kinds of
lenders who are not doing the
454
00:23:18,797 --> 00:23:22,897
right thing to keep at it.
455
00:23:22,901 --> 00:23:25,441
I have to be clear: If
Republicans in Congress send me
456
00:23:25,437 --> 00:23:30,147
a bill that unravels the
reforms we've put in place,
457
00:23:30,142 --> 00:23:33,342
if they send me a bill that
unravels Wall Street reform,
458
00:23:33,345 --> 00:23:34,745
I will veto it.
459
00:23:34,746 --> 00:23:35,886
(applause)
460
00:23:35,881 --> 00:23:42,251
And this is not about politics.
461
00:23:42,254 --> 00:23:45,954
It's about basic values
of honesty and fair play.
462
00:23:45,957 --> 00:23:48,127
It's about the basic bargain
that says, here in America,
463
00:23:48,126 --> 00:23:51,296
hard work should pay off,
responsibility should
464
00:23:51,296 --> 00:23:53,266
be rewarded.
465
00:23:55,233 --> 00:23:58,673
One of the people who I met with
was Reverend Shannon Webster of
466
00:23:58,670 --> 00:24:00,670
Birmingham's First
Presbyterian Church.
467
00:24:00,672 --> 00:24:03,842
Where's the pastor?
468
00:24:03,842 --> 00:24:04,842
He's here somewhere.
469
00:24:04,843 --> 00:24:06,543
There he is, in the back.
470
00:24:06,545 --> 00:24:08,345
Stand up so everybody
can see you.
471
00:24:08,346 --> 00:24:13,386
(applause)
472
00:24:13,385 --> 00:24:17,085
So Pastor Webster is
one of the pastors leading the
473
00:24:17,088 --> 00:24:19,658
effort to protect
consumers here in Alabama.
474
00:24:19,658 --> 00:24:21,828
And at a public hearing
a few years ago,
475
00:24:21,827 --> 00:24:25,897
he explained why he decided to
work on this issue: "When our
476
00:24:25,897 --> 00:24:29,167
people are trapped in debt,"
he said, "they cannot escape,
477
00:24:29,167 --> 00:24:31,437
and we're all hurt."
478
00:24:31,436 --> 00:24:33,376
We're all hurt.
479
00:24:33,371 --> 00:24:36,111
And that's a simple statement,
but it captures so much of what
480
00:24:36,107 --> 00:24:38,747
it means to be an American.
481
00:24:38,743 --> 00:24:41,183
We are a nation of
rugged individuals.
482
00:24:41,179 --> 00:24:44,519
We don't expect folks
to give us a handout.
483
00:24:44,516 --> 00:24:46,356
We expect people to work hard.
484
00:24:46,351 --> 00:24:49,021
We expect that hard
work to be rewarded.
485
00:24:49,020 --> 00:24:51,360
If you're out there and you're
working hard and starting a
486
00:24:51,356 --> 00:24:53,356
business, and doing the right
thing and looking after your
487
00:24:53,358 --> 00:24:56,328
family, and not spending
beyond yours means,
488
00:24:58,530 --> 00:25:04,070
folks like that shouldn't be
punished or expected to pay for
489
00:25:04,069 --> 00:25:05,069
everybody else.
490
00:25:05,070 --> 00:25:09,010
We expect everybody
to be responsible.
491
00:25:09,007 --> 00:25:12,977
But we're also our
brother's keeper.
492
00:25:12,978 --> 00:25:14,208
We're also our sister's keeper.
493
00:25:14,212 --> 00:25:15,482
(applause)
494
00:25:15,480 --> 00:25:20,250
We're also a country
that was built on the idea that
495
00:25:20,252 --> 00:25:24,752
everybody gets a fair shot and
that we put laws in place to
496
00:25:24,756 --> 00:25:27,526
make sure that folks
aren't taken advantage of.
497
00:25:30,829 --> 00:25:34,069
When this country does not live
up to its promise of fairness
498
00:25:34,065 --> 00:25:37,305
and opportunity for all
people, we're all hurt.
499
00:25:37,302 --> 00:25:38,502
(applause)
500
00:25:38,503 --> 00:25:40,803
When we do
live up to those promises,
501
00:25:40,805 --> 00:25:43,605
all of us are better off.
502
00:25:43,608 --> 00:25:46,448
Back in 2008, I came to
Birmingham as a candidate for
503
00:25:46,444 --> 00:25:51,914
this office, and I said, "There
is nothing we cannot do if the
504
00:25:51,917 --> 00:25:54,887
American people
decide it's time."
505
00:25:54,886 --> 00:25:57,486
Seven years later, I still
believe there is nothing we
506
00:25:57,489 --> 00:26:01,159
cannot do if we
decide it is time.
507
00:26:01,159 --> 00:26:02,129
(applause)
508
00:26:02,127 --> 00:26:04,127
We're all in this
thing together, Alabama.
509
00:26:04,129 --> 00:26:06,969
We've been through some
tough times together,
510
00:26:06,965 --> 00:26:08,705
but we're coming back together.
511
00:26:08,700 --> 00:26:13,810
If we decide this is our time,
then together we're going to
512
00:26:13,805 --> 00:26:18,075
write the next great chapter
in this country's history.
513
00:26:18,076 --> 00:26:20,916
We're going to do it not
just because I came to town,
514
00:26:20,912 --> 00:26:23,312
but because of the wonderful
people in this town who are
515
00:26:23,315 --> 00:26:24,315
already making it happen.
516
00:26:24,316 --> 00:26:25,646
Thank you, Alabama.
517
00:26:25,650 --> 00:26:26,790
(applause)
518
00:26:26,718 --> 00:26:27,848
God bless the United
States of America.
519
00:26:26,785 --> 00:26:27,855
God bless you.
