Senator Barack Obama speech in Reno, NV

Reno, NV | September 30, 2008

This morning - like so many others over the last few months - we woke up to some very sobering news about our economy. Over the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

Over one trillion dollars of wealth was lost by the time the markets closed on Monday. And it wasn't just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family's future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.

But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately.

Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.

But that's not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won't be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.

Let me be perfectly clear. The fact that we are in this mess is an outrage. It's an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples.

This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It's the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It's the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this economic catastrophe is the final verdict on this failed philosophy - a philosophy that we cannot afford to continue.

But while there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out.

This is one of those defining moments when the American people are looking to Washington for leadership. It is not a time for politics. It is not a time for partisanship. It is not a time to figure out how to take credit or where to lay blame. It is not a time for politicians to concern themselves with the next election. It is a time for all of us to concern ourselves with the future of the country we love. This is a time for action.

I know that many of you are feeling anxiety right now - about your jobs, about your homes, about your life savings. But I also know this - I know that we can steer ourselves out of this crisis. Because that's who we are. Because this is the United States of America. This is a nation that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges - not as Democrats, not as Republicans, but as Americans. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That's who we are, and that's the country we need to be right now.

This is no longer just a Wall Street crisis - it's an American crisis, and it's the American economy that needs this rescue plan. I understand why people would be skeptical when this President asks for a blank check to solve a problem. I've spent most of my time in Washington being skeptical of this Administration, and this time was no different. That's why over a week ago, I demanded that this plan include specific proposals to protect American taxpayer - protections that the Administration eventually agreed to, as well as Democrats and Republicans in Congress.

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Third, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And finally, I said that if American taxpayers are financing this solution, then you should be treated like investors - you should get every penny of your tax dollars back once this economy recovers.

This last part is important, because it's been the most misunderstood and poorly communicated aspect of this entire plan. This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those assets once the markets settle down and the economy recovers. If this is managed correctly, we will hopefully get most or all of our money back, or possibly even turn a profit on the government's investment - every penny of which will go directly back to you, the investor. And if we do have losses, I've proposed to institute a Financial Stability Fee on the entire financial services industry so that Wall Street foots the bill - not the American taxpayer. I've also said that if I'm President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you are getting your money back.

Even with all these taxpayer protections, I know that this plan is not perfect or fool-proof. No matter how well we manage the government's investments under this plan, we are still putting taxpayer dollars at risk. I know that there are Democrats and Republicans in Congress who have legitimate concerns about this, and I know there are many Americans who share those concerns.

But I also know that we can't afford not to act. Both parties are close to accepting this plan, and over the next few hours and days, we should seek out any new ideas that might get this done. This morning, I proposed one such idea that might increase bipartisan support for this plan and shore up our economy at the same time: expanding federal deposit insurance for families and small businesses across America who have invested their money in our banks.

The majority of American families should rest assured that the deposits they have in our banks of up to $100,000 are still guaranteed by the federal government. That guarantee is more than adequate for most families, but it is insufficient for many small businesses to meet their payroll, buy their supplies, and create new jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation. I've proposed raising the FDIC limit to $250,000 - a step that would boost small businesses, make our banking system more secure, and help restore confidence by reassuring families that their money is safe.

That's one idea. If there are others that can help shore up support for this plan and shore up our economy, I encourage Democrats and Republicans to offer them. But we must act and we must act now. We cannot have another day like yesterday. We cannot risk another week or another month where American businesses are afraid to extend credit and lend money. That is not an option for this country.

For the rest of today and as long as it takes, I will continue to reach out to leaders in both parties and do whatever I can to help pass a rescue plan. To the Democrats and Republicans who opposed this plan yesterday, I say - step up to the plate and do what's right for this country. And to all Americans, I say this - if I am President of the United States, this rescue plan will not be the end of what we do to strengthen this economy - it will only be the beginning.

People have asked whether the size of this plan, together with the weakening economy, means that the next President will have to scale back his agenda and some of his proposals. The answer is both yes and no. With less money flowing into the Treasury, it is likely that some useful programs or policies that I've proposed on the campaign trail may need to be delayed. And I've said that as President, I will go through the federal budget, line by line, eliminating programs that no longer work and making the ones we do need work better and cost less.

But there are certain investments in our future that we cannot delay precisely because our economy is in turmoil. You can always put off giving your house a new paint job or renovating your kitchen, but when your roof is crumbling or your heater goes, you realize that these are long-term investments you need to make right away.

The same is true of our economy. We cannot wait to help Americans keep up with rising costs and shrinking paychecks by giving our workers a middle-class tax cut. We cannot wait to relieve the burden of crushing health care costs on families, businesses, and our entire economy. We cannot wait to create millions of new jobs by rebuilding our roads and our bridges and investing in the renewable sources of energy that will stop us from sending $700 billion a year to tyrants and dictators for their oil. And we cannot wait to educate the next generation of Americans with the skills and knowledge they need to compete with any workers, anywhere in the world. Those are the priorities we cannot delay.

As soon as we pass this rescue plan, we need to move with the same sense of urgency to rescue the families on Main Street who are struggling every day to pay their bills and keep their jobs. I've said it before and I'll say it again: we need to pass an economic stimulus plan that will help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones.

Beyond this immediate stimulus that I've called on both parties and the President to pass, we need an economic agenda to restore opportunity for Americans and prosperity to America. We need policies that will grow this economy from Main Street to Wall Street and everywhere in between - so that the 21st century is another American century. So that we're not borrowing debt from China and buying oil from Saudi Arabia. So that the jobs of the future don't go to better-educated workers in India and the cars of the future aren't made in Japan. So that we can leave a legacy of greater opportunity to our children and their children. That is how we will emerge from this crisis stronger and more prosperous than we were before, and that is what I will do as President of the United States.

I will begin by reforming our tax code so that it doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will eliminate capital gains taxes for small businesses and start-ups, so that we can grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all workers and their families. And if you make less than $250,000 a year, you will not see your taxes increase one single dime - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will reform our health care system to relieve families, businesses, and the entire economy from the crushing cost of health care by investing in new technology and preventative care. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

To create new jobs, I'll invest in rebuilding our crumbling infrastructure - our roads, schools, and bridges. We'll rebuild our outdated electricity grid and build new broadband lines to connect America. And I'll create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool so that the fuel-efficient cars of the future are built right here the United States of America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And if I am President, I will meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll invest in early childhood education. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

Finally, I will modernize our outdated financial regulations and put in the place the common-sense rules of the road I've been calling for since March - rules that will keep our market free, fair, and honest; rules that will make sure Wall Street can never get away with the stunts that caused this crisis again. And I will take power away from the corporate lobbyists who think they can stand in the way of these reforms. I've done it in Illinois, I've done it Washington, and I will do it again as President.

These are the changes and reforms that we need. Bottom-up growth that will create opportunity for every American. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Common-sense regulations for our financial system that will prevent a crisis like this from ever happening again.

I won't pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we're traveling on as Americans - and we will rise or fall on that journey as one nation; as one people.

This country and the dream it represents are being tested in a way that we haven't seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?

Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other's success?

I believe that this is one of those moments. I know that many of you are anxious about your future and the future of this country. I realize that you are cynical and fed up with politics. I understand that you are disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask you to believe - believe in this country and your ability to change it. I ask you what has been asked of the American people in times of trial and turmoil throughout our history - what was asked at the beginning of the greatest financial crisis this nation has ever endured. In his first fireside chat, Franklin Roosevelt told his fellow Americans that "..there is an element in the readjustment of our financial system more important than currency, more important than gold, and that is the confidence of the people themselves. Confidence and courage are the essentials of success in carrying out our plan. Let us unite in banishing fear. Together, we cannot fail."

America, together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can't afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves. Now is the time to make them proud of what we did here. Let's give our children the future they deserve, and let's act with confidence and courage to show the world that at this moment, in this election, the United States of America is still the last, best hope of Earth. Thank you Nevada, God bless you, and may God bless America.

Senator Barack Obama speech in Westminster, CO

Westminster, CO | September 29, 2008

We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but they let it run wild, and they trampled our American values of fairness, balance, and responsibility to one another. Now, because of speculators who gamed the system and regulators who looked the other way, your jobs, your life savings, and the stability of our entire economy are at risk.

We have been left with no good options. And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan that is our best and only way to prevent an economic catastrophe.

It's a plan that's improved a good deal over the last week. This Administration started off by asking for a blank check to solve this problem. I said absolutely not. I said it was unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to help solve this crisis, then you have a right to make sure that your tax dollars are protected.

And so I laid out a few a conditions for Washington.

I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

I said that if American taxpayers are financing this solution, then you should be treated like investors - you should get every penny of your tax dollars back once this economy recovers, and Wall Street should foot the bill.

I said that we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

And finally, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

Thanks to the hard work of Democrats and Republicans, the proposal we have today includes these taxpayer protections. And if I am President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you get your money back.

But let me be absolutely clear about one thing. At a time like this - a time when 600,000 workers have lost their jobs since January; when home values are falling and paychecks are flat; when it's never been harder to save or retire; to buy gas or groceries; at a time when Americans are working so much harder for so much less, the fact that you are being called upon to help clean up Wall Street's mess is an outrage. It is an outrage that we're spending this money when we could be investing in affordable health care, or renewable energy, or better schools for our children. It is an outrage that we are in this mess and we are here to make sure that it never happens again.

We did not arrive at this moment by some accident of history. This was not a normal part of the business cycle. This was not just a few bad apples on Wall Street. This crisis is a direct result of a philosophy that the folks running Washington have been following for decades. It's a philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that says even common-sense regulations are unnecessary and unwise; a philosophy that lets lobbyists shred consumer protections and put the needs of special interests ahead of working people. And what we have seen over the last few weeks is the final verdict on this failed philosophy. It is time to turn the page.

That is the choice in this election. Because Senator McCain has followed this philosophy for twenty-six years in Washington and now he's running to give us another four. He's fought against common-sense regulations for decades, he's called for less regulation twenty times just this year, and he said in a recent interview that he thought de-regulation has actually helped grow our economy. Senator, what economy are you talking about?

At a time when we're putting hundreds of billions of taxpayer dollars on the line, Senator McCain still wants to spend $200 billion on tax breaks for the biggest corporations in America. He wants to give a $700,000 tax break to the average Fortune 500 CEO, but not one dime of relief to more than 100 million middle-class Americans. He likes to talk about how he'll take on the corporate lobbyists in Washington, but he put seven of them in charge of his campaign. And if you think those lobbyists are working day and night to elect my opponent just to put themselves out of business, well I've got a bridge to sell you up in Alaska.

You see, Senator McCain just doesn't get it - he doesn't get that this crisis on Wall Street hit Main Street a long time ago. That's why his first response to the greatest fiscal meltdown in generations was to say that the "fundamentals of the economy are strong," and why he didn't say the words "middle-class" once in an entire 90-minute debate.

I read the other day that Senator McCain likes to gamble. He likes to roll those dice. And that's ok. I enjoy a little friendly game of poker myself every now and then.

But one thing I know is this - we can't afford to gamble on four more years of the same disastrous economic policies we've had for the last eight.

I know that when Senator McCain says he wants to bring the same kind of deregulation to our health care system that he helped bring to our banking system - his words - well, that's a bet we can't afford. We can't afford to roll the dice by privatizing Social Security, and wagering the nest egg of millions of Americans on Wall Street. We can't afford to gamble on more of the same trickle down philosophy that showers tax breaks on big corporations and the wealthiest few. We've tried that. It doesn't work.

With our economy at risk, and our future in the balance, the greatest risk in this election is to repeat the same mistakes of the past. We can't take a chance on the same losing game.

We need a President who will change this economy so that it finally works for your family. We need a President who will fight for the middle class every single day, and that's exactly what I'll do when I'm President of the United States.

We have a different way of measuring the fundamentals of our economy. We know that the fundamentals that we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great -that America is a place where you can make it if you try; that everyone should have the chance to live their dreams.

I know I wouldn't be standing here today without that promise. And I know that's the promise we must keep once more.

When I talk to those young veterans who come back from Iraq and Afghanistan, I see my grandfather, who signed up after Pearl Harbor, marched in Patton's Army, and was rewarded by a grateful nation with the chance to go to college on the GI Bill.

In the face of that young student who sleeps just three hours before working the night shift, I think about my mom, who raised my sister and me on her own while she worked and earned her degree; who once turned to food stamps but was still able to send us to the best schools in the country.

And when I listen to another worker tell me that his factory has shut down, I remember all those men and women on the South Side of Chicago who I stood by and fought for two decades ago after the local steel plant closed. These are my heroes. Theirs are the stories that shaped me. And it is on their behalf that I intend to win this election and keep the promise of America alive as President of the United States.

That's the change we need right now. And that's the kind of change I'll bring to Washington when I'm President of the United States of America.

I will fight every day of this campaign and every day of my presidency to make sure a crisis like this never, ever happens again. That means taking on the lobbyists and special interests in Washington. That means taking on the greed and corruption on Wall Street. That means putting in place the rules of the road and common-sense regulations for our finance system that I've been calling for since last March - regulations that would make our markets open, honest, and transparent. That's the change we need.

And now that we're fixing the mess on Wall Street, we need to move with the same sense of urgency to help families on Main Street. We don't just need a plan for bankers and investors, we need a plan for autoworkers and teachers and small business owners. I have said it before and I'll say it again: we need to pass an economic stimulus plan right now for working families - a plan that will help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones. That's the change we need.

Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it.

As President, I will eliminate capital gains taxes for small businesses and start-ups - that's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will finally keep the promise of affordable, accessible health care for every single American. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

I will also create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool so that the fuel-efficient cars of the future are built right here the United States of America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

This is the change we need - the kind of bottom up growth and innovation that will advance the American economy by advancing the dreams of all Americans.

Times are hard. I will not pretend that the change we need will come without cost - though I have presented how we can achieve these changes in a fiscally responsible way. I know that we'll have to overcome our doubts and divisions and the determined opposition of powerful special interests before we can truly reform a broken economy and advance opportunity.

But I am running for President because we simply cannot afford four more years of an economic philosophy that works for Wall Street instead of Main Street, and ends up devastating both.

I don't want to wake up in four years to find that more Americans fell out of the middle-class, and more families lost their savings. I don't want to see that our country failed to invest in our ability to compete, our children's future was mortgaged on another mountain of debt, and our financial markets failed to find a firmer footing.

At this defining moment, we have the chance to finally stand up and say: enough is enough!

We can do this because Americans have done this before. Time and again, we've battled back from adversity by recognizing that common stake that we have in each other's success. That's why our economy hasn't just been the world's greatest wealth generator - it's bound America together, it's created jobs, and it's made the dream of opportunity a reality for generation after generation of Americans.

Some of us had grandparents or parents that said maybe I can't go to college but my child can; maybe I can't have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.

Now it falls to us. And I need you to make it happen. If you want the next four years looking just like the last eight, then I am not your candidate. But if you want real change - if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will win Colorado, we will win this election, and we will change America together.

Senator Barack Obama speech in Detroit, MI

Detroit, MI | September 28, 2008

We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but they let it run wild, and in doing so, they trampled our core values of fairness, balance, and responsibility to one another.

Everywhere you look, the economic news is troubling. But for so many Americans, it isn't really news at all.

600,000 workers have lost their jobs since January. Home values are falling. Your paycheck doesn't go as far as it used to. It's never been harder to save or retire; to buy gas or groceries; and if you put it on a credit card, they've probably raised your rates. In so many cities and towns across America, it feels as if the dream that so many generations have fought for is slowly slipping away.

I know these are difficult days. But here's what I also know. I know we can steer ourselves out of this crisis. Because that's who we are. Because that's what we've always done as Americans. Our nation has faced difficult times before. And at each of those moments, we've risen to meet the challenge because we've never forgotten that fundamental truth - that here in America, our destiny is not written for us, but by us.

There are many to blame for causing the crisis we are in, and that starts with the speculators on Wall Street who gamed the system and the regulators in Washington who looked the other way. It is an outrage - an outrage - that we are now being forced to clean up their mess.

But we have no choice. We must act now. Because now that we're in this situation, your jobs, your life savings, and the stability of our entire economy are at risk.

This Administration started off by asking for a blank check to solve this problem. I said absolutely not. I said it was unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to help solve this crisis, then you have a right to make sure that your tax dollars are protected. That's why I laid out a few a conditions for Washington when this began:

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers are financing this solution, I said that you should be treated like investors. That means that Wall Street and Washington should give you every penny of your money back once this economy recovers.

Third, I said that we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Finally - and this one is important - I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And today, thanks to the hard work of Democrats and Republicans, it looks like we have a rescue plan that includes these taxpayer protections. And it looks like we will pass that plan very soon.

But our job is far from over. Because now that we're fixing the mess on Wall Street, we need to move with the same sense of urgency to help families on Main Street. We don't just need a plan for bankers and investors, we need a plan for autoworkers and teachers and small business owners. I will continue to fight for an economic stimulus plan for working families - a plan that will help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases. A plan that would extend expiring unemployment benefits for those Americans who've lost their jobs and cannot find new ones.

And I will fight every day of this campaign and every day of my presidency to make sure a crisis like this never, ever happens again. That means taking on the lobbyists and special interests in Washington. That means taking on the greed and corruption on Wall Street. That means putting in place the rules of the road and common-sense regulations for our finance system that I've been calling for since last March. It is time to reform Washington.

Now, my opponent, John McCain, talks about getting tough on Wall Street now, but he's been against the common-sense rules and regulations that could've stopped this mess for decades. He says he'll take on the corporate lobbyists, but he put seven of the biggest lobbyists in Washington in charge of his campaign. And if you think those lobbyists are working day and night to elect my opponent just to put themselves out of business, well I've got a bridge to sell you up in Alaska.

The truth is, for twenty-six years in Washington, Senator McCain has followed an out-of-touch philosophy he's followed for decades in Washington - the idea that if we give more and more to those with the most, prosperity will trickle down to everyone else; the idea that no harm will be done if we let lobbyists shred consumer protections and fight against every regulation as unwise or unnecessary.

Well what we have seen over the last few weeks is nothing less than the final verdict on this failed philosophy. And I am running for President of the United States because the dreams of the American people cannot be endangered anymore.

On Friday, we had a debate. And on issue after issue - from taxes to health care to the war in Iraq - you heard John McCain make the case for more of the same policies that got us into this mess. But just as important as what we heard from John McCain was what we didn't hear.

We talked about the economy for forty minutes, and not once did Senator McCain talk about the struggles that middle class families are facing every day right here in North Carolina and around the country.

He defended his plan to give $300 billion in tax cuts to corporations and the wealthiest Americans, but he had nothing to say about the fact that wages have flat-lined and jobs are being shipped overseas.

He railed against some study of bears in Montana, but he had nothing to say about the fact that more and more Americans can't afford to pay for college; can't afford health care for their families; and can't afford a retirement that is dignified and secure.

Senator McCain spoke again and again about the need to keep spending $10 billion a month in Iraq, but he said nothing about the need to end this war so that we can invest in good jobs, and rebuild our roads and bridges and broadband lines right here in America.

The truth is, through ninety minutes of debating, John McCain had a lot to say about me, but he had nothing to say about you. He didn't even say the words "middle class." Not once.

You see, I think Senator McCain just doesn't get it - he doesn't get that this crisis on Wall Street hit Main Street a long time ago. That's why his first response to the greatest fiscal meltdown in generations was to say that the "fundamentals of the economy are strong." That's why he's been shifting positions these last two weeks, looking for a photo-op, and trying to figure out what to say and what to do.

Well I know what we need to do. We need to stop giving those tax cuts to corporations and CEOs on Wall Street, and start standing up for families out on Main Street. We need to turn the page on the failed policies of the last eight years, and finally put working people first. That's why I'm running for President of the United States.

We don't need any more out-of-touch, on-your-own leadership in Washington. We need a President who will change this economy so that it finally works for your family. We need a President who will fight for the middle class every single day, and that's exactly what I'll do when I'm President of the United States.

We have a different way of measuring the fundamentals of our economy. We know that the fundamentals that we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great -that America is a place where you can make it if you try; that everyone should have the chance to live their dreams.

I know I wouldn't be standing here today without that promise. And I know that's the promise we must keep once more.

When I talk to those young veterans who come back from Iraq and Afghanistan, I see my grandfather, who signed up after Pearl Harbor, marched in Patton's Army, and was rewarded by a grateful nation with the chance to go to college on the GI Bill.

In the face of that young student who sleeps just three hours before working the night shift, I think about my mom, who raised my sister and me on her own while she worked and earned her degree; who once turned to food stamps but was still able to send us to the best schools in the country.

And when I listen to another worker tell me that his factory has shut down, I remember all those men and women on the South Side of Chicago who I stood by and fought for two decades ago after the local steel plant closed. These are my heroes. Theirs are the stories that shaped me. And it is on their behalf that I intend to win this election and keep the promise of America alive as President of the United States.

That's the change we need right now. And that's the kind of change I'll bring to Washington when I'm President of the United States of America.

Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it.

I will eliminate capital gains taxes for small businesses and start-ups - that's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will finally keep the promise of affordable, accessible health care for every single American. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

I will also create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool and get the loans they need so that the fuel-efficient cars of the future are built right here in Detroit, right here in Michigan, right here in the United States of America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

This is the change we need - the kind of bottom up growth and innovation that will advance the American economy by advancing the dreams of all Americans.

Times are hard. I will not pretend that the change we need will come without cost - though I have presented how we can achieve these changes in a fiscally responsible way. I know that we'll have to overcome our doubts and divisions and the determined opposition of powerful special interests before we can truly reform a broken economy and advance opportunity.

But I am running for President because we simply cannot afford four more years of an economic philosophy that works for Wall Street instead of Main Street, and ends up devastating both.

I don't want to wake up in four years to find that more Americans fell out of the middle-class, and more families lost their savings. I don't want to see that our country failed to invest in our ability to compete, our children's future was mortgaged on another mountain of debt, and our financial markets failed to find a firmer footing.

At this defining moment, we have the chance to finally stand up and say: enough is enough!

We can do this because Americans have done this before. Time and again, we've battled back from adversity by recognizing that common stake that we have in each other's success. That's why our economy hasn't just been the world's greatest wealth generator - it's bound America together, it's created jobs, and it's made the dream of opportunity a reality for generation after generation of Americans.

Now it falls to us. And I need you to make it happen. If you want the next four years looking just like the last eight, then I am not your candidate. But if you want real change - if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will win Michigan, we will win this election, and we will change America together.

Senator Barack Obama speech in Greensboro, NC

Greensboro, NC | September 27, 2008

We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but they let it run wild, and in doing so, they trampled our core values of fairness, balance, and responsibility to one another.

Everywhere you look, the economic news is troubling. But for so many Americans, it isn't really news at all.

600,000 workers have lost their jobs since January. Home values are falling. Your paycheck doesn't go as far as it used to. It's never been harder to save or retire; to buy gas or groceries; and if you put it on a credit card, they've probably raised your rates. In so many cities and towns across America, it feels as if the dream that so many generations have fought for is slowly slipping away.

Last night we had a debate. And on issue after issue - from taxes to health care to the war in Iraq - you heard John McCain make the case for more of the same policies that got us into this mess. But just as important as what we heard from John McCain was what we didn't hear.

We talked about the economy for forty minutes, and not once did Senator McCain talk about the struggles that middle class families are facing every day right here in North Carolina and around the country.

He defended his plan to give $300 billion in tax cuts to corporations and the wealthiest Americans, but he had nothing to say about the fact that wages have flat-lined and jobs are being shipped overseas.

He railed against some study of bears in Montana, but he had nothing to say about the fact that more and more Americans can't afford to pay for college; can't afford health care for their families; and can't afford a retirement that is dignified and secure.

Senator McCain spoke again and again about the need to keep spending $10 billion a month in Iraq, but he said nothing about the need to end this war so that we can invest in good jobs, and rebuild our roads and bridges and broadband lines right here in America.

The truth is, through ninety minutes of debating, John McCain had a lot to say about me, but he had nothing to say about you. He didn't even say the words "middle class." Not once.

You see, I think Senator McCain just doesn't get it - he doesn't get that this crisis on Wall Street hit Main Street a long time ago. That's why his first response to the greatest fiscal meltdown in generations was to say that the "fundamentals of the economy are strong." That's why he's been shifting positions these last two weeks, looking for a photo-op, and trying to figure out what to say and what to do.

Well North Carolina, I know what we need to do. We need to stop giving those tax cuts to corporations and CEOs on Wall Street, and start standing up for families out on Main Street. We need to turn the page on the failed policies of the last eight years, and finally put working people first. That's why I'm running for President of the United States.

We don't need any more out-of-touch, on-your-own leadership in Washington. We need a President who will change this economy so that it finally works for your family. We need a President who knows that America's strength and leadership abroad depends on the strength of our economy at home. We need a President who will fight for the middle class every single day, and that's exactly what I'll do when I'm President of the United States.

I know these are difficult days. But here's what I also know. I know we can steer ourselves out of this crisis. Because that's who we are. Because that's what we've always done as Americans. Our nation has faced difficult times before. And at each of those moments, we've risen to meet the challenge because we've never forgotten that fundamental truth - that here in America, our destiny is not written for us, but by us.

There are many to blame for causing the crisis we are in, and that starts with the speculators on Wall Street who gamed the system and the regulators in Washington who looked the other way. But now that we're here, every American - Democrat and Republican, CEO and factory worker, has a stake in solving this crisis and saving our financial system from collapse. Because if we don't act and act soon, your jobs, your life savings, and your economic security will be put at risk.

This Administration started off by asking for a blank check to solve this problem. I said absolutely not. It is unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, then you have a right to make sure that your tax dollars are protected. That's why I've laid out a few a conditions for Washington.

First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers are financing this solution, you should be treated like investors. That means that Wall Street and Washington should give you every penny of your money back once this economy recovers.

Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too. And Washington needs to feel the same sense of urgency in passing an economic stimulus plan for working families - a plan that would help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, and help states and cities avoid budget cuts and tax increases.

Finally - and this one is important - the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess. There has been talk that some CEOs may refuse to cooperate with this plan if they have to give up their multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. So I will not allow this plan to become a welfare program for Wall Street executives.

Now I'm glad that Senator McCain has embraced some of these principles, but the John McCain you've heard from over the last few days is a lot different than the John McCain who's been in Washington for the last twenty-six years. He talks about getting tough on Wall Street now, but he's been against the common-sense rules and regulations that could've stopped this mess for decades. He says he'll take on the corporate lobbyists, but he put seven of the biggest lobbyists in Washington in charge of his campaign. And if you think those lobbyists are working day and night to elect my opponent just to put themselves out of business, well I've got a bridge to sell you up in Alaska.

The truth is, when my opponent first reacted to this crisis by saying that the fundamentals of our economy are strong, he didn't just make a mistake. He revealed an out-of-touch philosophy he's followed for decades in Washington - the idea that if we give more and more to those with the most, prosperity will trickle down to everyone else; the idea that no harm will be done if we let lobbyists shred consumer protections and fight against every regulation as unwise or unnecessary.

Well what we have seen over the last few weeks is nothing less than the final verdict on this failed philosophy. And I am running for President of the United States because the dreams of the American people cannot be endangered anymore.

We have a different way of measuring the fundamentals of our economy. We know that the fundamentals that we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great -that America is a place where you can make it if you try; that everyone should have the chance to live their dreams.

I know I wouldn't be standing here today without that promise. And I know that's the promise we must keep once more.

When I talk to those young veterans who come back from Iraq and Afghanistan, I see my grandfather, who signed up after Pearl Harbor, marched in Patton's Army, and was rewarded by a grateful nation with the chance to go to college on the GI Bill.

In the face of that young student who sleeps just three hours before working the night shift, I think about my mom, who raised my sister and me on her own while she worked and earned her degree; who once turned to food stamps but was still able to send us to the best schools in the country.

And when I listen to another worker tell me that his factory has shut down, I remember all those men and women on the South Side of Chicago who I stood by and fought for two decades ago after the local steel plant closed. These are my heroes. Theirs are the stories that shaped me. And it is on their behalf that I intend to win this election and keep the promise of America alive as President of the United States.

Unlike Senator McCain, it didn't take a crisis on Wall Street for me to understand that folks are hurting out on Main Street.

It was two years ago that I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. It was one year ago that I called on our Treasury Secretary and our Fed Chairman to bring every stakeholder together and find a solution to the subprime mortgage meltdown before it got worse. In March, when John McCain was saying "I'm always for less regulation," I called for a new, 21st century regulatory framework to restore accountability, transparency, and trust in our financial markets.

I believe that our free market has been the engine of America's great progress. It's a market that has created a prosperity that is the envy of the world, and rewarded the innovators and risk-takers who have made America a beacon of science, and technology, and discovery. But the American economy has worked in large part because we have guided the market's invisible hand with a higher principle - that America prospers when all Americans can prosper.

That's the change we need right now. And that's the kind of change I'll bring to Washington when I'm President of the United States of America.

Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will stop giving tax breaks to corporations that ship jobs overseas, and I will start giving them to companies that create good jobs right here in America - jobs just like the 400 union jobs that AT&T just created over in Goldsboro based on their pledge to return outsourced work to our shores.

I will eliminate capital gains taxes for small businesses and start-ups - that's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will finally keep the promise of affordable, accessible health care for every single American. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

I will also create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool, so that the fuel-efficient cars of the future are built right here in America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

This is the change we need - the kind of bottom up growth and innovation that will advance the American economy by advancing the dreams of all Americans.

Times are hard. I will not pretend that the change we need will come without cost - though I have presented how we can achieve these changes in a fiscally responsible way. I know that we'll have to overcome our doubts and divisions and the determined opposition of powerful special interests before we can truly reform a broken economy and advance opportunity.

But I am running for President because we simply cannot afford four more years of an economic philosophy that works for Wall Street instead of Main Street, and ends up devastating both.

I don't want to wake up in four years to find that more Americans fell out of the middle-class, and more families lost their savings. I don't want to see that our country failed to invest in our ability to compete, our children's future was mortgaged on another mountain of debt, and our financial markets failed to find a firmer footing.

At this defining moment, we have the chance to finally stand up and say: enough is enough!

We can do this because Americans have done this before. Time and again, we've battled back from adversity by recognizing that common stake that we have in each other's success. That's why our economy hasn't just been the world's greatest wealth generator - it's bound America together, it's created jobs, and it's made the dream of opportunity a reality for generation after generation of Americans.

Now it falls to us. And I need you to make it happen. If you want the next four years looking just like the last eight, then I am not your candidate. But if you want real change - if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will win North Carolina, we will win this election, and we will change America together.

The Clinton Global Initiative speech by Senator Barack Obama

New York, NY | September 25, 2008

It's great to speak to you this morning. I'm sorry that I can't be there, but I did enjoy the opportunity to sit down with President Clinton recently in New York. He has helped to create a model for individual responsibility and collective action through the Clinton Global Initiative.

CGI brings people together to take on tough, global challenges. In four years, you have made concrete commitments that have affected over 200 million people in 150 countries. And I applaud your new commitment to help 20 million poor children get a healthy meal. It's time for us to come together to get this done.

You are meeting at a time of great turmoil for the American economy. We are now confronted with a financial crisis as serious as any we have faced since the Great Depression. Action must be taken to restore confidence in our economy.

Let me be clear: it's outrageous that we find ourselves in a position where taxpayers must bear the burden for the greed and irresponsibility of Wall Street and Washington. But we also know that a failure to act would have grave consequences for the jobs, and savings, and retirement of the American people.

Over the last few days, I've been in close contact with Secretary Paulson and leaders in Congress. I've also had the opportunity to speak directly to the American people about what we need to do moving forward. I've laid out several clear principles that I believe must be a part of our response to this crisis.

First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers finance this solution, they should be treated like investors. That means Wall Street and Washington should give every penny of taxpayers' money back once this economy recovers.

Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Finally - and this is important - the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess.

Congressional leaders have made progress in their negotiations, and appear close to a deal that would include these principles. President Bush addressed some of these issues last night, and I'm pleased that Senator McCain has decided to embrace them too. Now is a time to come together - Democrats and Republicans - in a spirit of cooperation on behalf of the American people.

Later today, I'll be travelling to Washington to offer my help in getting this deal done. Then, I'll travel to Oxford on Friday for the first of our presidential debates. Our election is in 40 days. Our economy is in crisis, and our nation is fighting two wars abroad. The American people deserve to hear directly from myself and Senator McCain about how we intend to lead our country. The times are too serious to put our campaign on hold, or to ignore the full range of issues that the next President will face.

Since CGI is about deeds, not just words, let me tell you about four specific commitments that I will make on four issues that CGI has focused on - climate change, poverty, education, and health - if I have the opportunity to serve as President of the United States.

Here's how I approach these issues.

We live in a time when our destinies are shared. The world is more intertwined than at any time in human history. Walls that divided old enemies have come down. Markets have opened. The spread of information and technology has reduced barriers to opportunity and prosperity, and opened doors to new competition and risk. We have heard this time and again since the end of the Cold War. And over the last few weeks, this truth has been reinforced anew.

In America, we have seen that there is no dividing line between the ability of folks to live their dreams on Main Street, and the bottom line of investment banks on Wall Street. There is a lesson that cuts across this economic crisis. Prosperity cannot be sustained if it shuts people out. Growth cannot just come from the top down - it must come from the bottom up, with new jobs that pay good wages, and new innovation that creates opportunity across the globe.

And in the 21st century, we must also recognize that it's not just prosperity that comes from the bottom up. Our security is shared as well.

The carbon emissions in Boston or Beijing don't just pollute the immediate atmosphere - they imperil our planet.

Pockets of extreme poverty in Somalia can breed conflict that spills across borders.

The child who goes to a radical madrasa outside of Karachi can end up endangering the security of my daughters in Chicago.

A deadly flu that begins in Indonesia can find its way to Indiana within days.

Climate change. Poverty. Extremism. Disease. These problems offend our common humanity. They also threaten our common security. You know this. The question is what we do about it.

We're not going to face these threats of the future by grasping at the ideas of the past. In many cases, we know what we have to do. We talk about the solutions year after year. This must be the time when we choose not to wait any longer. We must marshal the will. We must see that none of these problems can be dealt with in isolation, nor can we deny one and effectively tackle another. That's why you've come to CGI. Because that's what this moment calls us to do.

No single issue sits at the crossroads of as many currents as energy. Our dependence on oil and gas funds terror and tyranny; it has forced families to pay their wages at the pump; and it puts the future of our planet in peril. This is a security threat, an economic albatross, and a moral challenge of our time. The time to debate whether climate change is manmade has past - it's time, finally, for America to lead.

The first commitment that I'll make today is setting a goal of an 80 percent reduction in greenhouse gas emissions by 2050.

To do our part, we'll implement a cap-and-trade program so that there's a price for pollution, and resources to transform our energy economy. I've proposed an investment of $150 billion in alternative energy over ten years, which will create millions of jobs and break the cycle of our addiction to oil. We need to do more than drill. Now is the time to develop every form of alternative energy - solar, wind, and biofuels, as well as technologies that can make coal clean and nuclear power safe. We need to raise fuel economy standards, put more plug-in hybrid cars on the road, and find new ways to be energy efficient.

Abroad, the United States must get off the sidelines. We'll reach out to the leaders of the biggest carbon emitting nations and ask them to join a new Global Energy Forum to lay the foundation for the next generation of climate protocols. We'll build an alliance of oil-importing nations, and work together to reduce our demand, and break the grip of OPEC. And as we develop clean energy, we should share technology and innovations with the nations of the world.

This effort to confront climate change will be part of our strategy to alleviate poverty. Because we know that it is the world's poor who will feel - and who may already be feeling - the affect of a warming planet. If we fail to act, famine could displace hundreds of millions, fueling competition and conflict over basic resources like food and water.

We all have a stake in reducing poverty. There is suffering across the globe that doesn't need to be tolerated in the 21st century. And it leads to pockets of instability that provide fertile breeding grounds for threats like terror and the smuggling of deadly weapons that cannot be contained by the drawing of a border or the distance of an ocean. These aren't simply disconnected corners of an interconnected world. That is why the second commitment that I will make is embracing the Millennium Development Goals, which aim to cut extreme poverty in half by 2015.

This will take more resources from the United States, and as President I will increase our foreign assistance to provide them. But resources must be focused on the right priorities. No one wants to put good money after bad, or ignore the underlying causes at the root of these problems.

We shouldn't just settle for a status quo - anywhere - where you can't start a business without paying a bribe. Corruption wastes our tax dollars. It also ruins lives. This is a human rights issue, and we need to treat it like one.

We shouldn't help those in need without helping them help themselves. That's why I'll partner with the private sector in creating a new fund for Small and Medium Enterprise, so we're investing in ideas that can create growth and jobs in the developing world.

Above all, we must do our part to see that all children have the basic right to learn. There is nothing more disappointing than a child denied the hope that comes with going to school, and there is nothing more dangerous than a child who is taught to distrust and then to destroy.

That's why the third commitment I'll make is working to erase the global primary education gap by 2015. Every child - every boy, and every girl - should have the ability to go to school. To ensure that our nation does its part to meet that goal, we need to establish a two billion dollar Global Education Fund. And I look forward to signing the bipartisan Education for All Act that was first introduced by Hillary Clinton - a true champion for children.

Finally, we must continue the progress that's been made to advance the cause of global health. I've been proud to support the PEPFAR program. I think President Bush - and many of you there today - have shown real leadership in the fight against HIV/AIDS, tuberculosis, and malaria. This is a fight that I will continue as President.

Disease stands in the way of progress on so many fronts. It can condemn populations to poverty, and prevent a child from getting an education. And yet far too many people still die of preventable illnesses. Today, I'd like to focus on one: malaria.

We have eliminated malaria in the United States, but nearly one million people around the world still die from a mosquito bite every year. 85 percent of the victims are African children under the age of 5. In Africa, a child dies from a mosquito bite every thirty seconds. Beyond the devastating human toll, malaria weighs down public health systems, setting back global capacity to fight other disease.

So today, I want to join with the global malaria community that is meeting here in New York in making a new commitment: when I am President, we will set the goal of ending all deaths from malaria by 2015. It's time to rid the world of death from a disease that doesn't have to take lives. The United States must lead, and when I am President we will step up our focus on prevention and treatment around the world to get this done.

The first project of my Small and Medium Enterprise fund will be investing in the developing world's capacity to meet the demand for 730 million bednets. We'll also increase access to doctors and nurses through a new program - Health Infrastructure 2020 - that trains medical professionals in countries around the world, and gives them incentives to stay there. And we'll invest in research and development into new vaccines, and ensure that low cost anti-malaria drugs are available everywhere.

This effort must bring together governments from around the world. It must be a public-private partnership that draws on the resources, and ideas, and resilience of business and non-profits and faith groups. It must be a cause for countless individuals, and a common goal that unites us all.

In short, the effort to eradicate malaria must draw on the spirit that drives not simply the commitments at CGI - but the commitment that is visible everywhere that people go to work to make their communities, their country, and our world a better place.

The scale of our challenges may be great. The pace of change may be swift. But we know that it need not be feared. The landscapes of the 21st century are still ours to shape.

We see the potential for progress every time someone starts a job creating new energy, or an idea carries a community out of poverty; we see it every time a girl walks through the doors of a new school, or a boy lives to see another day because he had a simple net around his bed. These are the dreams that we must make our own.

We live in a time when our destinies are shared. But our destinies will be written by us, not for us. Now, it falls to us to get to work.

Senator Barack Obama speech in Dunedin, FL

Dunedin, FL | September 24, 2008

We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but they let it run wild, and in doing so, they trampled our core values of fairness, balance, and responsibility to one another.

Everywhere you look, the economic news is troubling. But for so many Americans, it isn't really news at all.

600,000 workers have lost their jobs since January. Home values are falling. Your paycheck doesn't go as far as it used to. It's never been harder to save or retire; to buy gas or groceries; and if you put it on a credit card, they've probably raised your rates. In so many cities and towns across America, it feels as if the dream that so many generations have fought for is slowly slipping away.

So I know these are difficult days. But here's what I also know. I know we can steer ourselves out of this crisis. Because that's who we are. Because that's what we've always done as Americans. Our nation has faced difficult times before. And at each of those moments, we've risen to meet the challenge because we've never forgotten that fundamental truth - that here in America, our destiny is not written for us, but by us.

There are many to blame for causing the crisis we are in, and that starts with the speculators on Wall Street who gamed the system and the regulators in Washington who looked the other way. But now that we're here, every American has a stake in solving this crisis and saving our financial system from collapse. Because if we don't act, your jobs, your life savings, and your economic security will be put at risk.

The clock is ticking on this crisis. We have to act swiftly, but we also have to get it right. That means everyone - Republicans and Democrats; the White House and Congress - must work together to come up with a solution that protects American taxpayers and our economy without rewarding those whose greed helped bring us to this point.

So we need to act and act now. This cannot fall victim to the usual partisan politics or special-interest lobbying. But it also can't be negotiated by the Administration with the same my-way-or-the-highway mentality that is all too familiar.

This Administration started off by asking for a blank check to solve this problem. To them, I say no. It is unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, then you have a right to make sure that your tax dollars are protected. That's why I've laid out a few a conditions for Washington.

First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers are financing this solution, you should be treated like investors. That means that Wall Street and Washington should give you every penny of your money back once this economy recovers.

Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Finally - and this one is important - the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess. There has been talk that some CEOs may refuse to cooperate with this plan if they have to give up their multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. So I would like to speak directly to those CEOs right now: Do not make that mistake. The enormous rewards you have reaped come with serious responsibilities to your workers and the American people, and we expect and demand that you live up to those responsibility. I will not allow this plan to become a welfare program for Wall Street executives.

Now, in the last few days, my opponent has decided to start talking tough about CEO pay. He's suddenly a hard-charging populist. And that's all well and good. But I sure wish he was talking the same way over a year ago, when I introduced a bill that would've helped stop the multi-million-dollar bonus packages that CEOs grab on their way out the door. Because he opposed that idea. I sure wish he joined me when I blew the whistle on the fired CEOs of Fannie Mae and Freddie Mac who tried to walk away with golden parachutes. I sure wish he felt the same outrage about CEO pay when his top economic advisor - who he calls a 'role model' - walked away with a $42 million package after being fired from Hewlett Packard. I sure wish he would change his current plan to give the average Fortune 500 CEO a $700,000 tax cut at a time when millions of Americans are struggling to pay their bills. That's what I'd like to hear.

You see, the John McCain you've heard from over the last few days is a lot different than the John McCain who's been in Washington for the last twenty-six years. He talks about getting tough on Wall Street now, but he's been against the common-sense rules and regulations that could've stopped this mess for decades. He says he'll take on the corporate lobbyists, but he put seven of the biggest lobbyists in Washington in charge of his campaign. And if you think those lobbyists are working day and night to elect my opponent just to put themselves out of business, well I've got a bridge to sell you up in Alaska.

The truth is, when my opponent first reacted to this crisis by saying that the fundamentals of our economy are strong, he didn't just make a mistake. He revealed an out-of-touch philosophy he's followed for decades in Washington - the idea that if we give more and more to those with the most, prosperity will trickle down to everyone else; the idea that no harm will be done if we let lobbyists shred consumer protections and fight against every regulation as unwise or unnecessary.

Well what we have seen over the last few weeks is nothing less than the final verdict on this failed philosophy. And I am running for President of the United States because the dreams of the American people cannot be endangered anymore.

We have a different way of measuring the fundamentals of our economy. We know that the fundamentals that we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great -that America is a place where you can make it if you try; that everyone should have the chance to live their dreams.

I know I wouldn't be standing here today without that promise. And I know that's the promise we must keep once more.

When I talk to those young veterans who come back from Iraq and Afghanistan, I see my grandfather, who signed up after Pearl Harbor, marched in Patton's Army, and was rewarded by a grateful nation with the chance to go to college on the GI Bill.

In the face of that young student who sleeps just three hours before working the night shift, I think about my mom, who raised my sister and me on her own while she worked and earned her degree; who once turned to food stamps but was still able to send us to the best schools in the country.

And when I listen to another worker tell me that his factory has shut down, I remember all those men and women on the South Side of Chicago who I stood by and fought for two decades ago after the local steel plant closed. These are my heroes. Theirs are the stories that shaped me. And it is on their behalf that I intend to win this election and keep the promise of America alive as President of the United States.

Unlike Senator McCain, it didn't take a crisis on Wall Street for me to understand that folks are hurting out on Main Street.

It was two years ago that I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. It was one year ago that I called on our Treasury Secretary and our Fed Chairman to bring every stakeholder together and find a solution to the subprime mortgage meltdown before it got worse. In March, when John McCain was saying "I'm always for less regulation," I called for a new, 21st century regulatory framework to restore accountability, transparency, and trust in our financial markets.

I believe that our free market has been the engine of America's great progress. It's a market that has created a prosperity that is the envy of the world, and rewarded the innovators and risk-takers who have made America a beacon of science, and technology, and discovery. But the American economy has worked in large part because we have guided the market's invisible hand with a higher principle - that America prospers when all Americans can prosper.

That's the change we need right now. And that's the kind of change I'll bring to Washington when I'm President of the United States of America.

Change means a tax code that doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will stop giving tax breaks to corporations that ship jobs overseas, and I will start giving them to companies that create good jobs right here in America. I will eliminate capital gains taxes for small businesses and start-ups - that's how we'll grow our economy and create the high-wage, high-tech jobs of tomorrow.

I will cut taxes - cut taxes - for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does - because in an economy like this, the last thing we should do is raise taxes on the middle-class.

I will finally keep the promise of affordable, accessible health care for every single American. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And I will stop insurance companies from discriminating against those who are sick and need care the most.

I will also create the jobs of the future by transforming our energy economy. We'll tap our natural gas reserves, invest in clean coal technology, and find ways to safely harness nuclear power. I'll help our auto companies re-tool, so that the fuel-efficient cars of the future are built right here in America. I'll make it easier for the American people to afford these new cars. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced

And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.

This is the change we need - the kind of bottom up growth and innovation that will advance the American economy by advancing the dreams of all Americans.

Times are hard. I will not pretend that the change we need will come without cost - though I have presented how we can achieve these changes in a fiscally responsible way. I know that we'll have to overcome our doubts and divisions and the determined opposition of powerful special interests before we can truly reform a broken economy and advance opportunity.

But I am running for President because we simply cannot afford four more years of an economic philosophy that works for Wall Street instead of Main Street, and ends up devastating both.

I don't want to wake up in four years to find that more Americans fell out of the middle-class, and more families lost their savings. I don't want to see that our country failed to invest in our ability to compete, our children's future was mortgaged on another mountain of debt, and our financial markets failed to find a firmer footing.

At this defining moment, we have the chance to finally stand up and say: enough is enough!

We can do this because Americans have done this before. Time and again, we've battled back from adversity by recognizing that common stake that we have in each other's success. That's why our economy hasn't just been the world's greatest wealth generator - it's bound America together, it's created jobs, and it's made the dream of opportunity a reality for generation after generation of Americans.

Now it falls to us. And I need you to make it happen. If you want the next four years looking just like the last eight, then I am not your candidate. But if you want real change - if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will win Florida, we will win this election, and we will change America together.

Plan To Protect Taxpayers and Homeowners speech by Barack Obama

Tampa, FL | September 23, 2008

Yesterday, the President said that Congress should pass his proposal to ease the crisis on Wall Street without significant changes or improvements.

Now, there are many to blame for causing the current crisis, starting with the speculators who gamed the system and the regulators who looked the other way. But all of us now have a stake in solving it and saving our financial institutions from collapse. Because if we don't, the jobs and life savings of millions will be put at risk.

Given that fact, the President's stubborn inflexibility is both unacceptable and disturbingly familiar. This is not the time for my-way-or-the-highway intransigence from anyone involved. It's not the time for fear or panic. It's the time for resolve, responsibility, and reasonableness.

And it is wholly unreasonable to expect that American taxpayers would or should hand this Administration or any Administration a $700 billion blank check with absolutely no oversight or conditions when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess.

Now that the American people are being called upon to finance this solution, the American people have the right to certain protections and assurances from Washington.

First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives.

Second, the power to spend $700 billion of taxpayer money cannot be left to the discretion of one man, no matter who he is or which party he is from. I have great respect for Secretary Paulson, but he cannot act alone. We should set up an independent board that includes some of the most respected figures in our country, chosen by Democrats and Republicans, to provide oversight and accountability at every step of the way. I am heartened that Secretary Paulson appeared to be softening on this position in his testimony this morning.

Third, if taxpayers are being asked to underwrite hundreds of billions of dollars to solve this crisis, they must be treated like investors. The American people should share in the upside as Wall Street recovers. There are different ways to accomplish this, including putting equity into these firms instead of buying their troubled assets.

But regardless of how we structure the plan, if the government makes any kind of profit on this deal, we must give every penny back to the taxpayers who put up the money in the first place. And after the economy recovers, we should institute a Financial Stability Fee on the entire financial services industry to repay any losses to the American people and make sure we are never asked to foot the bill for Wall Street's mistakes again. We can ask taxpayers to make an investment in the stability of our economy, but we cannot ask them to hand their money over to Wall Street without some expectation of return.

Fourth, the final plan must provide help to families who are struggling to stay in their homes. We cannot simply bailout Wall Street without helping the millions of innocent homeowners who are facing foreclosure.

There are a number of ways we can accomplish this. For example, we should consider giving the government the authority to purchase mortgages directly instead of simply mortgage-backed securities. In the past, such an approach has allowed taxpayers to profit as the housing market recovered. This is not simply a question of looking after homeowners, it's doubtful that the economy as a whole can recover without the restoration of our housing sector, including a rebound in the home values that have suffered dramatically in recent months.

Finally, the American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do about the emergency on Wall Street. I have repeatedly called on President Bush and Senator McCain to join me in supporting an economic stimulus plan for working families ? a plan that would help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, and help homeowners stay in their homes.

Let me be clear ? we shouldn't include this stimulus package into this particular legislation, but as we solve the immediate crisis on Wall Street, we should move with the same sense of urgency to help Main Street.

It is absolutely wrong to suggest that we cannot protect American taxpayers while still stabilizing our market and saving our financial system from collapse. We can and must do both.

In summary, there is no doubt negotiations over the next few days will be difficult. I will continue to keep in close touch with Secretary Paulson, Chairman Bernanke, and the leaders of Congress to ensure that we can work in a bipartisan manner to get this done as quickly as possible. Our country is being tested by a very serious crisis. We are all in this together, and we must come together as Democrats and Republicans, on Wall Street and on Main Street to solve it. And with the proper spirit of cooperation, I know we can.

Senator Joe Biden speech at the National Guard Association Conference

Baltimore, MD | September 22, 2008

Thank you, General Umbarger. It's also good to see my friends General Frank Vavala, and General Hugh Broomall.

I come here today with a profound respect for the Guard.

I'm here as a citizen, who knows that our nation depends on the service of those who are civilians in peace, soldiers in war - not only to defend us abroad, but aid us when disaster strikes here at home.

I'm here as a Senator, who has traveled to conflict zones all around the world - Bosnia, Afghanistan, Iraq -- and disaster areas across America and seen the heroic work our young men and women in arms do to protect our citizens, protect our interests and to demonstrate not only the example of our force... but also the force of our example.

I'm here today as the father of a Guardsman. My son Beau is proud to wear the uniform, and proud to answer the call to serve.

And I'm here as the Democratic candidate for Vice President, knowing that you have served with great distinction time and again.

You have never let us down... but too often, your government has not given you all you've needed.

Issues affecting the Guard sit at the core of our two great national challenges - national security and economic security. Barack and I know that we need to strengthen both. That means supporting your missions at home and abroad, and making sure you return to strong secure jobs and a sound economy.

Yesterday, you heard John McCain claim that behind the positions Barack Obama takes "lies the ambition to be president."

Let me just say this: after the last eight years, the last thing we need is more of the politics of division.

No one party has a monopoly on virtue or good ideas.

We can question each other's judgments. That's what elections are all about.

But we have to stop questioning each other's motives and each other's patriotism.

Whether we're Democrats, Republicans or Independents, we all share a profound desire to do right by America.

We all put country first.

When John and I send our sons to war, they don't wear a Republican flag or a Democratic flag. They wear an American flag.

Our only differences are on how best to protect our national interests, and serve our military.

And we do have differences.

Let's begin where we are right now, right this minute.

We depend on you as never before.

More than half - 52% -- of Operation Iraqi Freedom and Operation Enduring Freedom veterans are Guard or Reserve.

That has never happened before.

You have new and increased responsibility, but in my view - we haven't given you the command and equipment in support of those new responsibilities.

But you never complain. You always step up.

It's time for a change.

Change begins with giving the Guard a seat at the table. That table in the Pentagon where the Joint Chiefs sit.

General McKinley, I not only want to see your fourth star - I want to see you sitting there with Chairman of the Joint Chiefs of Staff, Admiral Mullen.

Your men and women are serving and dying. Your voice needs to be heard.

When it comes to equipment -- to train on, to deploy with, and to have available at home for war or natural disasters - we have not provided what you need.

And that's wrong.

Ninety percent of units have serious equipment shortages.

Collectively, over $100 billion worth of equipment has been left in Iraq.

And we've seen the consequences of that.

Simply put, the states have been left with the tab to make up for this equipment shortage.

Since September 11th, 2001, more than half a million reservists have been mobilized and deployed for homeland security missions and combat missions in Iraq and Afghanistan.

Every National Guard combat brigade has deployed at least once. Specialty units like military police, special forces, and medical units have deployed multiple times.

In Iraq and Afghanistan 870 members of the guard and reserve have given their lives.

6,785 have been wounded.

Of all serving in Iraq and Afghanistan, we have some 900 returning amputees, many of them Guardsmen.

And many who come home bear less visible - but nonetheless deep -- scars.

Roughly 320,000 -- nearly 20% -- may have experienced traumatic brain injury.

About 300,000 - nearly 19% -- meet the criteria for either PTSD or depression.

In 2006, the most recently recorded year, we saw 113 Iraq and Afghanistan-era veterans lost to the enemy of suicide.

That's a record number, and more than twice the suicide rate for civilians of the same age.

And multiple deployments have added to the financial and marital tension for many of your Guardsmen.

Reports show 11,000 guardsmen and women lost their jobs upon returning home - a clear violation of the law. That must stop.

Barack and I are going to set this straight.

And we have very different ideas on how do it than John McCain and Sarah Palin.

It starts with a guarantee that every returning veteran has the best health care available. We're been fighting for this as Senators, and we'll guarantee it as President and Vice President.

Shift the burden to the government: no more requiring a soldier to prove that their traumatic brain injuries are combat related.

Spend the money and hire the personnel to eliminate waiting time for the VA to decide on a disability claim.

Guarantee that any returning veteran needing a prosthesis will have the most up-to-date, state-of-the-art, for the his or her life.

And zero tolerance for veteran homelessness.

You know Barack is on the Veterans Affairs committee in the Senate. I watched him work with Republicans to pass a major law - with short term fixes and long term solutions - to end the shameful care we were giving our veterans at Walter Reed.

He strengthened programs to help homeless veterans... he fought for fair treatment of veterans' claims and forced the VA to fix disparities... he helped ensure that all service members returning from Iraq are properly screened for Traumatic Brain Injuries... and he demanded a major national research effort into the readjustment needs of returning veterans.

He will see to it that all veterans - all veterans - have access to the VA system.

Military families need help coping with deployments.

We'll expand, Family Medical Leave to include reserve families facing mobilization.

We'll add resources to help military families during deployments, such as more staff for Family Readiness Groups.

Because when soldiers go to war, their families go too.

John McCain says we're a nation at war.

He's wrong, we're a military at war.

The only ones making the real sacrifice are those deployed, and their families back home.

Second, we're going to restore your readiness.

That starts with increasing the end strength of the active military.

We're going to increase our end strength by 65,000 for the Army, and 27,000 for the Marines.

Increasing the size of the active force means they can carry a heavier burden, allowing our Guard to have fewer deployments and more predictable deployments, with more time between them.

To cut down on equipment shortages, Barack Obama and I will end the trend of cannibalizing soldiers and machines from units back home for missions abroad.

We'll consult with governors of the 50 states, so we know what the needs of their Guard units are - both for their combat missions overseas, and their domestic missions at home.

Remember in 2006, when it was reported that the Department of Defense was making plans to cut National Guard force structure and strength?

Barack Obama and I were two of the 75 Senators to send a letter to the Secretary of Defense strongly opposing those plans.

John McCain didn't sign.

We believe we shouldn't be cutting back on the Guard at the very time we're asking you to do more.

Third, we're going to make sure that you have opportunity when you come home.

We'll start by putting the federal government on your side.

The Department of Defense, Department of Labor, Department of Justice - they have an obligation, each of them, to guarantee that laws designed to protect returning veterans are enforced.

A recent survey found that 44% of employers would not hire a reservist - even though that's illegal discrimination - for fear that that employee might be called up.

The Department of Defense currently has no plan to ensure that businesses comply with re-employment laws for our Guard and Reserves. And the Labor Department and Justice Department have failed to vigorously enforce the laws which protect you, the men and women who have volunteered to protect us.

Seventy percent of Guardsmen work for small businesses, and DOD has no outreach program to small business.

You shouldn't have to sacrifice your job in order to serve your country.

But your country owes you more than putting you back in the place you were before you left.

It owes you greater opportunity, because of lost opportunity.

And it all starts with education.

That is why Barack and I were supporters from the start of Jim Webb's GI Bill - which allows National Guard and Reserve members to earn educational benefits based on their total cumulative active duty... instead of their single longest tour, the way they do in existing Title 10 programs.

Because we think that a Guardsman who serves three tours of 6 months should be credited for a year and a half of service, and not half a year.

John McCain is a friend, a patriot, and a hero.

But John and I have some fundamental disagreements as it relates to the Guard, and the interests of veterans.

John McCain voted against billions of dollars in additional funding for veterans' health care - against $2 million for TBI research... against $500 million for mental health issues... against $400 million for inpatient and outpatient care.

John wants to ration veterans' health care to those with combat injuries, which would mean that millions fewer veterans would have access to VA medical care.

And while Barack and I supported Senator Jim Webb's bipartisan bill to update the GI Bill from the get-go, John initially opposed it because he thought it was too generous.

John's version treated the Guard as second class citizens when it came to educational benefits.

Those are the facts. But don't take it from me. Ask Disabled American Veterans, which represents millions of vets. They keep track of these things... John voted with DAV 20 percent of the time.

Barack Obama - 80 percent of the time.

Or ask the Iraq and Afghanistan Veterans of America. They keep track, too. They give letter grades, and they gave John McCain a "D". Barack got at B+.

So as much as I admire John, I disagree with him.

Being a veteran isn't the same as being there for veterans.

We need more than a great soldier, we need a wise leader.

Yesterday, John talked to you about the judgment required to be Commander in Chief.

He's right: nothing is more important than judgment.

And time and again, on the most critical national security issues of our time. John McCain's judgment was wrong, and Barack Obama's was right.

Right after 9-11, John was wrong to look beyond Afghanistan to war with Iraq, Iran, and North Korea.

Barack was right that we should finish the war in Afghanistan -- and that Iraq was a huge diversion from defeating the terrorists who actually attacked us on 9-11.

In the run up to the Iraq war, like the Bush administration, John insisted that Saddam was in league with Al Qaeda and complicit in 9-11...

... that we would be greeted as liberators...

...that we didn't need a lot of troops...

...that victory was imminent...

....that Sunnis and Shiites would get along because "there's not a history of clashes that are violent between" them.

He lauded the administration's conduct of the war, singling out for praise Defense Secretary Rumsfeld and Vice President Cheney.

On all of those counts, John's judgment was wrong.

Then, John said there's nothing to talk about with Iran.

Barack said hard headed diplomacy is the best way to focus Iran on what it stands to gain if its stops it nuclear program -- and what it will lose if it does not.

Now, even the Bush administration sent our most senior diplomat for direct talks with Tehran. John wrong, Barack was right.

Just three years ago, John said we were succeeding in Afghanistan.

More than a year ago, Barack said we were not -- and we needed at least two more combat brigades.

Now, the Chairman of Joint Chiefs says we are not winning -- and we need more troops. John was wrong, Barack was right.

John rejects a timeline for redeploying our combat forces from Iraq.

Barack says shift the responsibility to the Iraqis and set a timeline to bring our combat forces home.

Now, President Bush and the Maliki government are negotiating an agreement to do just that. John was wrong, Barack was right.

Maybe most fundamentally of all, John McCain continues to insist, against all the evidence and all the facts, that Iraq is the central front in the war on terrorism.

Barack Obama says that central front is where it has always been since 9-11 - the mountains between Afghanistan and Pakistan.

On this, John is more than wrong -- he is dangerously wrong -- and Barack Obama is right.

On a question so basic, so fundamental, so critical to our nation's security, we can't afford a Commander-in Chief so divorced from reality and from America's most basic national interests.

And on the most important question for returning members of the guard - the strength of our economy - Barack has it right.

Barack has the plans - which he's introducing today - to stabilize the US and world economic markets.

In the short term, it will keep this financial crisis from getting worse. It will help keep people in their homes, and protect their life savings.

In the long term, it will provide the protections necessary to make sure this never happens again.

We'll create millions of new jobs with investments in infrastructure and new energy technology - many of the same fields in which our guardsmen and reservists have developed skills.

And, by the way, when we produce more of our energy at home, we'll be less reliant on protecting unstable supplies from unfriendly regimes.

We'll make sure that your bravery abroad is matched with opportunity upon your return, by investing in programs like the new GI Bill.

I want to close by sharing something I experienced several weeks ago in Florida.

A retired Marine stood up at an event where I was speaking.

He looked like he had something to get off his chest as he took the microphone from me. "Senator," he said. "I'd be proud to salute Barack Obama as my Commander-in-Chief."

He also told me that he'd be proud to salute me as his Vice President. I told him that nobody salutes the vice president.

Folks, I couldn't say it better myself. I will be proud to salute Barack Obama as my Commander-in-Chief. And I think you will be, too.

Thank you.