thank you __PUNCT__
oh __PUNCT__ my good __PUNCT__ thank you all so much __PUNCT__
jacki __PUNCT__ thank you __PUNCT__
that wa absolut wonder __PUNCT__
and those of you from knoxvil know jacki duffi as the choir teacher __PUNCT__ the inspir for the choral perform at the high school __PUNCT__
and i ask her how long she been teach __PUNCT__ and she said __PUNCT__ twenti year __PUNCT__
and let give her a round of applaus for her dedic to educ __PUNCT__
thank you __PUNCT__ jacki __PUNCT__
__PUNCT__ applaus __PUNCT__ i also want to thank dr __PUNCT__ randi flack __PUNCT__ knoxvil commun school superintend __PUNCT__ for be here __PUNCT__
thank you so much __PUNCT__ dr __PUNCT__ flack __PUNCT__
and tim mcgee __PUNCT__ luca counti assessor and on of my precinct captain __PUNCT__ i thank him for come __PUNCT__
i also want to thank and recogn marcia nichol __PUNCT__ who is the polit director of afscm council __NUM__ __PUNCT__
and there is someon els i want to introduc __PUNCT__
that is sari bourn __PUNCT__ the field organ for marion __PUNCT__ luca and wayn counti __PUNCT__
where is sari __PUNCT__ if she can wave or __PUNCT__ there she is back there __PUNCT__
thank you so much __PUNCT__
and someon els who is veri __PUNCT__ veri dear to me __PUNCT__ who ha serv iowa for mani year and ha been such a great champion of educ and librari __PUNCT__ and that is christi vilsack __PUNCT__
thank you so much __PUNCT__ christi __PUNCT__
now __PUNCT__ i be all over the state todai and tomorrow __PUNCT__ and then i think we all go to give you a break for thanksgiv __PUNCT__
don't you think that a good idea __PUNCT__ so everybodi can gather with friend and famili __PUNCT__
that what i be do __PUNCT__ go back home and work with my daughter to creat thanksgiv dinner __PUNCT__ someth that we like to do everi year __PUNCT__
then we be back over the weekend __PUNCT__ travel the state __PUNCT__ meet as mani iowan as i possibl can __PUNCT__
but todai i want to come to knoxvil to realli sound the alarm about our economi __PUNCT__
i think it import that we take a few minut to soberli look at what happen in the american economi __PUNCT__ becaus the next presid will inherit __PUNCT__ unfortun __PUNCT__ a lot of problem __PUNCT__
now __PUNCT__ thi is kind of a familiar situat for me __PUNCT__ becaus when my husband becam presid he inherit a lot of econom problem __PUNCT__
as someon said the other dai __PUNCT__ there seem to be a pattern here __PUNCT__ it take a clinton to clean up after a bush __PUNCT__
and so __PUNCT__
__PUNCT__ applaus __PUNCT__ and so i want to spend some time tell you how i see thi problem and talk about some of the thing that i want to do to address it __PUNCT__ becaus i believ that the next presid will not have a minut to wast __PUNCT__
you know __PUNCT__ we got an economi that is increasingli interconnect with the global economi __PUNCT__
it is shape each dai __PUNCT__ not just by the billion of decis that __NUM__ million american make __PUNCT__ but by billion more that ar made around the world __PUNCT__
and someth that now happen far awai from iowa can have a rippl effect that impact the qualiti of life and the standard of live for american __PUNCT__
our economi in recent month ha been the subject of increas worri __PUNCT__
we got rise oil price __PUNCT__ we got a deepen hous crisi __PUNCT__ we have a fall dollar __PUNCT__ in term of it valu __PUNCT__ we have a balloon nation debt __PUNCT__ and we have weaken consum confid __PUNCT__
just __NUM__ percent of american sai that econom condit in our countri ar posit __PUNCT__
that is the lowest read sinc the gallup poll organ start ask the question back in __NUM__ __PUNCT__
and in __NUM__ it wa the lowest that it had been in __NUM__ year __PUNCT__
so we understand that we got real problem __PUNCT__ but we see noth happen under thi presid to address those problem __PUNCT__
unfortun __PUNCT__ the presid either doesn't see them or refus to deal with them __PUNCT__
and the net effect of it all is that the economi is not work for middl __PUNCT__ class famili __PUNCT__
now __PUNCT__ we all hope that the economi will remain resili __PUNCT__ and we know that __PUNCT__ if we make the right choic __PUNCT__ the american economi can __PUNCT__ onc again __PUNCT__ creat million of job and lift up the middl class __PUNCT__
but instead of posit polici aim at make that happen __PUNCT__ we had the opposit __PUNCT__ reckless fiscal polici and a presid with a tragic habit of ignor problem until thei becom crise __PUNCT__
the next presid will be a steward of our economi at a time when the bill from eight year of neglect and mismanag will be come due __PUNCT__
the next presid will have to turn around our nation and our economi __PUNCT__
more than ever befor __PUNCT__ worker will need good job train for the job of thi new centuri __PUNCT__ but there is on job we can't afford on __PUNCT__ the __PUNCT__ job train for __PUNCT__ that is the job of our next presid __PUNCT__
that could be the costliest job train in histori __PUNCT__
everi dai spent learn the rope is anoth dai of rise cost __PUNCT__ mount deficit __PUNCT__ and grow anxieti for our famili __PUNCT__
and thei cannot afford to keep wait __PUNCT__
we need a presid who understand the magnitud and complex of the challeng we face and ha the strength and experi to address them from dai on __PUNCT__ a presid who ha faith that the american peopl and the american economi ar up to the task __PUNCT__
and if you give me that chanc __PUNCT__ i will be that presid for all of you __PUNCT__
__PUNCT__ applaus __PUNCT__ in recent month __PUNCT__ we seen a number of troubl develop __PUNCT__
first __PUNCT__ we have a grow crisi in our hous market that is threaten our famili and unsettl the capit market __PUNCT__
over the past seven year __PUNCT__ as incom fell __PUNCT__ wage stagnat __PUNCT__ mani famili were lure into riski mortgag to financ their home __PUNCT__ with rate that would jump beyond what thei could afford __PUNCT__
and regul did littl to crack down on fly __PUNCT__ by __PUNCT__ night broker peddl loan to unqualifi buyer __PUNCT__
the result is __NUM__ million foreclosur so far thi year __PUNCT__ nearli __NUM__ in iowa alon thi past three month __PUNCT__
that is almost doubl the figur from last year __PUNCT__
and home price across america ar drop __PUNCT__
and unfortun __PUNCT__ a lot of expert predict thei will drop even further __PUNCT__
that seriou no matter how you look at it __PUNCT__ becaus __NUM__ percent of the total wealth of middl __PUNCT__ class famili is in their home equiti __PUNCT__
and home equiti withdraw account for more than __NUM__ percent of a famili dispos incom in the last coupl of year __PUNCT__
so as hous price declin __PUNCT__ peopl have less monei to draw on for everyth from medic bill to colleg tuition __PUNCT__
to make matter wors __PUNCT__ all of these mortgag woe have unsettl the capit market __PUNCT__
bank have suffer enorm loss on secur link to mortgag __PUNCT__
thei written down more than __MONEY__ billion in their hold __PUNCT__
investor ar increasingli risk __PUNCT__ advers __PUNCT__ compani ar struggl to rais the capit thei need to expand __PUNCT__ and bank ar increasingli unwil to provid mortgag and other loan to famili __PUNCT__
second __PUNCT__ skyrocket energi price ar squeez middl __PUNCT__ class famili alreadi struggl with fall incom and rise cost __PUNCT__
you know __PUNCT__ after __DATE__ __PUNCT__ we had a histor opportun to call american __PUNCT__ to call all of us to energi independ __PUNCT__
instead __PUNCT__ we outsourc our energi polici to dick chenei and the oil compani __PUNCT__
and todai we ar even more depend on foreign oil than we were on __DATE__ the __NUM__ __PUNCT__
oil price have increas more than __NUM__ percent sinc the begin of thi year __PUNCT__
price ar move up __PUNCT__
it now nearli __MONEY__ a barrel __PUNCT__
ga hit __MONEY__ per gallon nationwid __PUNCT__ the highest price ever for thi time of year __PUNCT__
as a result __PUNCT__ averag famili ar spend roughli __MONEY__ more a year on energi cost __PUNCT__ for electr __PUNCT__ home heat __PUNCT__ and ga __PUNCT__
that a huge increas __PUNCT__
it like a __MONEY__ energi tax in just the last seven year __PUNCT__ more than three time what the typic american famili receiv from the bush tax cut __PUNCT__
i talk to a lot of peopl who ar worri thei not go to be abl to get through the holidai and the winter month __PUNCT__
we been bless __PUNCT__ the weather ha not yet gotten cold __PUNCT__
so a lot of peopl have been hold their breath __PUNCT__
but if we do have a cold spell __PUNCT__ you know what will happen __PUNCT__ so mani folk will find it difficult to pai the price __PUNCT__
third __PUNCT__ while corpor profit ar reach new height __PUNCT__ our labor market is just not work for middl __PUNCT__ class famili __PUNCT__
the bush administr brag about the fact that the unemploy rate is __NUM__ percent __PUNCT__
but do you know on of the reason it __NUM__ percent __PUNCT__ it becaus million of unemploi peopl have stop look for work __PUNCT__
we had million of american just drop out of the labor forc __PUNCT__
if you compar where we ar todai with where we were when presid bush took offic __PUNCT__ if you had the same number of peopl actual work and activ look for job __PUNCT__ the unemploy rate would be closer to __NUM__ percent __PUNCT__
corpor profit __PUNCT__ howev __PUNCT__ ar at a __NUM__ __PUNCT__ year high __PUNCT__
so here we contrast veri high corpor profit __PUNCT__ and the averag american famili ha lost __MONEY__ in incom in the last seven year __PUNCT__
and over the __NUM__ __PUNCT__ month period that just end in __DATE__ __PUNCT__ the slow growth in wage actual account for more than two __PUNCT__ third of the increas in corpor profit __PUNCT__
what doe that mean __PUNCT__ well __PUNCT__ the profit go up __PUNCT__ but unlik everi other time in our histori __PUNCT__ the ceo and the board of these compani ar not share the wealth __PUNCT__
so compani ar actual profit off of keep worker __PUNCT__ wage stagnant __PUNCT__
and american worker __PUNCT__ we work harder than ever __PUNCT__
we the hardest work peopl in the world __PUNCT__
so even though american worker ar increas their product __PUNCT__ their wage have remain flat __PUNCT__
and the gap between the rich and everybodi els ha onli gotten broader __PUNCT__
in __NUM__ the last year i could find the number for __PUNCT__ all incom gain went to the top __NUM__ percent of household __PUNCT__ while the bottom __NUM__ percent saw their incom declin __PUNCT__
that is not the america that i grew up in __PUNCT__ that is not the countri that i believ is hold out the promis of prosper for peopl will to work hard and take respons __PUNCT__
the wealthiest __NUM__ percent of american held __NUM__ percent of america incom __PUNCT__
that an astonish figur __PUNCT__ and it is the highest level of incom inequ sinc the begin of the great depress in __NUM__ __PUNCT__
fourth __PUNCT__ seven year of fiscal reckless ha driven up our debt __PUNCT__ erod confid in our economi __PUNCT__ and left us vulner to foreign creditor __PUNCT__
sinc presid bush took offic __PUNCT__ we seen the most dramat deterior in our nation financi health in histori __PUNCT__
reckless tax cut for the wealthi __PUNCT__ bloat spend that wasn't paid for have push up our nation debt to __MONEY__ trillion __PUNCT__
think about that __PUNCT__
when presid bush becam presid __PUNCT__ he inherit a balanc budget and a surplu __PUNCT__ a project surplu of __MONEY__ trillion __PUNCT__
now we back into deficit __PUNCT__ and we have a __MONEY__ trillion debt __PUNCT__
that forc us everi dai to borrow monei from foreign countri like china __PUNCT__
so when peopl across iowa ask me why it so hard for the bush administr to get tough on china and other trade partner __PUNCT__ i tell them becaus these countri ar now our banker __PUNCT__
we their debtor __PUNCT__
how can we truli enforc trade law against a countri like china when we have to borrow monei to feed the massiv debt that georg bush ha driven up __PUNCT__ america econom stand in the world ha deterior __PUNCT__
the valu of the dollar ha been drop __PUNCT__
it is now less valu than other currenc __PUNCT__ someth els that caus a lot of anxieti __PUNCT__ if you look out and see what that might mean in year to come __PUNCT__
final __PUNCT__ we face new threat that neither the presid nor feder regul have adequ acknowledg or address __PUNCT__
take the risk of so __PUNCT__ call deriv and other new financi product that wall street is sell __PUNCT__
these product offer new opportun for investor to diversifi portfolio and protect themselv against certain risk __PUNCT__
for exampl __PUNCT__ a farmer here in iowa who worri about the price of corn could bui a deriv that increas in valu when the price of corn fall __PUNCT__ so regardless of what happen with hi crop __PUNCT__ he ha a chanc to break even __PUNCT__
but deriv also creat new risk __PUNCT__
thei can swing wildli in valu __PUNCT__
it isn't alwai clear who own them or how much thei ar realli worth __PUNCT__
owner don't alwai understand the risk __PUNCT__ which is why even the invest bank that creat them ar lose billion of dollar on these deriv __PUNCT__
and the rippl ar be felt from wall street to main street __PUNCT__
i believ in our market __PUNCT__ but market work best when there is inform flow __PUNCT__
and a lot of these new financi product ar not transpar __PUNCT__
the market doesn't have enough inform about them __PUNCT__ and certainli buyer don't __PUNCT__
todai __PUNCT__ we need a sensibl middl ground between heavi __PUNCT__ hand regul and a hand __PUNCT__ off approach to a risk that can hurt the innoc __PUNCT__ as well as the sophist buyer __PUNCT__
anoth new challeng on the horizon is the growth of sovereign wealth fund __PUNCT__
now __PUNCT__ what ar these __PUNCT__ these ar invest fund own by foreign govern __PUNCT__
thei not busi __PUNCT__
a govern of a big oil __PUNCT__ produc countri creat a fund of monei __PUNCT__ put a name on it __PUNCT__ call it an invest fund __PUNCT__ and run the invest out of thi fund __PUNCT__
thei us these fund to bui up billion of dollar worth of american stock __PUNCT__ real estat __PUNCT__ and corpor __PUNCT__
now __PUNCT__ where exactli ar countri get the monei for these fund __PUNCT__ thei get it from us __PUNCT__
our depend on foreign oil mean we send billion of dollar to countri like saudi arabia and venezuela __PUNCT__
our trade deficit and our balloon debt mean we send billion of dollar in payment to countri like china __PUNCT__
these countri then turn around and us our dollar to bui chunk of our economi __PUNCT__
todai __PUNCT__ sovereign wealth fund hold an estim __MONEY__ trillion __PUNCT__
within a decad __PUNCT__ it predict thei hold five time that much __PUNCT__
we have never seen anyth like thi __PUNCT__ and you don't hear a peep out of the bush administr __PUNCT__
now __PUNCT__ why exactli ar these sovereign wealth fund caus for concern __PUNCT__ well __PUNCT__ let me ask you thi __PUNCT__ how would you feel if a foreign govern us it sovereign wealth fund to bui an american car compani and move it oversea __PUNCT__ right now __PUNCT__ that govern might be our banker __PUNCT__ but what if thei becam our boss __PUNCT__ as well __PUNCT__ and how would you feel if countri us their invest in america to influenc our foreign polici __PUNCT__ what if a countri set out to bui compani that compet with their nation industri and shut them down __PUNCT__ i don't think we be comfort with our own govern specul in real estat or bui up compani __PUNCT__ and we should be doubli uncomfort with the idea of a foreign govern do these thing in our countri __PUNCT__
in short __PUNCT__ these sovereign wealth fund repres a potenti threat to our econom sovereignti if we don't act now to assess their impact on our economi __PUNCT__
so todai we face an arrai of seriou and grow econom challeng that call for a presid will to make respons econom stewardship a kei prioriti __PUNCT__ will to confront complex problem and devis comprehens respons __PUNCT__ a presid who alwai put the middl class first __PUNCT__
but for seven year __PUNCT__ we had just the opposit __PUNCT__
in fact __PUNCT__ we had a presid who guid the economi with just on simpl principl in mind __PUNCT__ take care of those at the top and let middl __PUNCT__ class famili fend for themselv __PUNCT__
he call it the ownership societi __PUNCT__ but it realli noth more than __PUNCT__ you on your own __PUNCT__
and what do we get from presid bush when the fact is that middl __PUNCT__ class famili __PUNCT__ incom ha drop __MONEY__ a call to cut tax again for america largest corpor __PUNCT__
as our trade deficit ha doubl and we lost an estim __NUM__ million job to china __PUNCT__ what wa presid bush respons __PUNCT__ he threaten to veto trade adjust assist for displac worker __PUNCT__
when foreclosur doubl last year __PUNCT__ what wa presid bush respons __PUNCT__ noth __PUNCT__
when famili and commun group report that crook buyer and lender were prei on homebuy __PUNCT__ noth __PUNCT__
but when the hous crisi start to threaten larg wall street invest bank __PUNCT__ the bush administr sprang into action __PUNCT__
it conven meet and confer call with the head of major wall street firm __PUNCT__ eager to help howev thei could __PUNCT__
what wa presid bush answer to senior who can't afford to retir __PUNCT__ privat social secur __PUNCT__
what about rise oil price __PUNCT__ veto fund to help low __PUNCT__ incom famili pai their energi bill __PUNCT__
nine million children without health care __PUNCT__ veto health care for needi children __PUNCT__
hi answer to middl __PUNCT__ class famili who feel like thei stand on a trap door __PUNCT__ just on pink slip or on medic diagnosi or on miss mortgag payment awai from fall through and lose everyth __PUNCT__ tax cut after tax cut for the wealthiest of american __PUNCT__
now __PUNCT__ it no surpris that the presid continu to stand by hi fail econom polici __PUNCT__
thi is __PUNCT__ after all __PUNCT__ a man who believ that stubborn is a virtu __PUNCT__
what is truli amaz __PUNCT__ howev __PUNCT__ is that the republican candid for presid ar determin to continu these fail polici __PUNCT__
in fact __PUNCT__ we can describ their approach to the economi in four simpl word __PUNCT__ more of the same __PUNCT__
thei see __MONEY__ trillion in debt and sai __PUNCT__ why not trillion more __PUNCT__ thei see tax cut for wealthi american and big corpor and sai __PUNCT__ why not more __PUNCT__ thei see on attempt to privat social secur and sai __PUNCT__ why not on more __PUNCT__ in short __PUNCT__ thei see eight year of bush econom and sai __PUNCT__ why not eight more __PUNCT__ well __PUNCT__ here my respons to that __PUNCT__ you got until __DATE__ __PUNCT__
and not on dai more will we put up with these fail polici __PUNCT__
__PUNCT__ applaus __PUNCT__ i can't wait to get on a stage to debat the republican nomine as we make the case for chang and thei argu for the statu quo __PUNCT__
to them __PUNCT__ it __PUNCT__ leav no bush econom polici behind __PUNCT__
but todai __PUNCT__ america is readi for chang __PUNCT__ but chang is just a word without the strength and experi to make it happen __PUNCT__
it easi to give a speech about restor the middl class __PUNCT__ but it is hard to actual do it __PUNCT__
it easi to make up a program that address everi econom problem __PUNCT__ but it hard to figur out how to pai for it __PUNCT__
we been here befor with a presid who leav the econom cupboard bear on elect dai __PUNCT__
thi time __PUNCT__ howev __PUNCT__ we won't just have to clean up the econom mess he made __PUNCT__
we also have to end the war he start and address the health care crisi he left behind __PUNCT__
__PUNCT__ applaus __PUNCT__ so we don't need more republican scare tactic about a social secur crisi __PUNCT__
and we don't need a trillion __PUNCT__ dollar tax increas that will hit famili alreadi face higher energi __PUNCT__ health care and colleg cost __PUNCT__
what we need is to focu on the real crise of health care and medicar and on expand opportun for poor __PUNCT__ work and middl __PUNCT__ class famili who ar struggl now __PUNCT__
if the gather econom challeng strike all at onc in a perfect storm __PUNCT__ these famili __PUNCT__ america famili __PUNCT__ will be the hardest hit __PUNCT__
so __PUNCT__ in short __PUNCT__ presid bush ha abandon the middl class __PUNCT__ tilt the plai field against them __PUNCT__ and said __PUNCT__ you on your own __PUNCT__
republican run to replac him sai __PUNCT__ it time for more of the same __PUNCT__
and i sai we need a new direct __PUNCT__
we had an econom strategi that work in the 1990 __PUNCT__
we believ that fiscal respons could spur econom growth __PUNCT__ so we balanc the feder budget __PUNCT__
we saw record surplus __PUNCT__ __NUM__ million new job __PUNCT__ the longest econom expans in american histori __PUNCT__
we believ that invest in our peopl were invest in our economi __PUNCT__ so we expand the earn incom tax credit __PUNCT__ provid health insur to six million needi children __PUNCT__ invest in head start and student loan __PUNCT__
we saw histor declin in child poverti __PUNCT__ famili incom up on averag more than __MONEY__ and mani american join and stai in the middl class __PUNCT__
so todai we face __NUM__ __PUNCT__ centuri challeng __PUNCT__ some of which we could have never imagin back in the 1990 __PUNCT__
but i believ the principl that guid us then ar still relev todai __PUNCT__
these ar the principl that ar truli at the start of my plan to help restor our economi __PUNCT__
i believ in an optimist __PUNCT__ progress __PUNCT__ modern approach to the economi __PUNCT__
there no limit to what we can do if we set our mind to it __PUNCT__
and i believ that we can begin on dai on to turn the economi around __PUNCT__
i have four compon __PUNCT__ creat new job __PUNCT__ good job __PUNCT__ essenti to broad __PUNCT__ base prosper __PUNCT__ restor fair to our economi __PUNCT__ renew the basic bargain that if you work hard you can get head __PUNCT__ and put our fiscal hous in order again __PUNCT__
we go to ask everybodi to particip __PUNCT__ but i am not go to ask the middl class to do more than it ha alreadi done __PUNCT__
stai afloat dure the bush administr ha been a major accomplish __PUNCT__
__PUNCT__ applaus __PUNCT__ so we go to take awai the tax subsidi from the oil compani __PUNCT__ and we go to put those to work on behalf of clean __PUNCT__ renew __PUNCT__ altern energi __PUNCT__
__PUNCT__ applaus __PUNCT__ we go to forc the pharmaceut compani to compet __PUNCT__
we go to make them have to negoti with medicar to get those drug price down __PUNCT__
__PUNCT__ applaus __PUNCT__ we go to tell the health insur compani who have deni so mani peopl coverag that thei will no longer be abl to discrimin against the sick __PUNCT__ and we go to insur everi singl american for qualiti __PUNCT__ afford health care __PUNCT__
we go to fight ani ill __PUNCT__ advis effort to privat social secur __PUNCT__
we go to keep social secur rock solid for gener __PUNCT__
and we go to help famili save for retir with new retir account __PUNCT__
__PUNCT__ applaus __PUNCT__ and when it come to trade __PUNCT__ we go to have real __PUNCT__ enforc standard and protect for our worker and our environ __PUNCT__
and unlik the current presid __PUNCT__ i will make trade enforc a top prioriti again __PUNCT__
__PUNCT__ applaus __PUNCT__ we go to have a manufactur polici __PUNCT__ becaus i don't believ we can remain a great countri with a strong economi if we don't make thing in america __PUNCT__
and i go to focu on make sure that we continu to do so __PUNCT__
__PUNCT__ applaus __PUNCT__ we go to pass law that help peopl be abl to join union and bargain collect for good wage and fair benefit again __PUNCT__
we go to focu on famili farm __PUNCT__ instead of corpor farm __PUNCT__ and we go to give famili farm the support and the tool that thei need to be success __PUNCT__
and we ar go to final close the tax loophol and stop give tax break to compani that ship job oversea __PUNCT__
enough with outsourc american job us taxpay dollar __PUNCT__
__PUNCT__ applaus __PUNCT__ but i go to go further than that __PUNCT__ i will provid tax relief for the middl class __PUNCT__ becaus you heard me sai that __PUNCT__ given the increas in energi price sinc __NUM__ on averag __MONEY__ that is far more than ani middl __PUNCT__ class famili got out of these bush tax cut __PUNCT__
we not go to be fool __PUNCT__
we go to get back to real tax relief for middl __PUNCT__ class famili __PUNCT__
i extend the middl __PUNCT__ class tax cut __PUNCT__ give gener tax break to help famili afford health care __PUNCT__ offer up to __MONEY__ in match tax cut to help famili save for retir __PUNCT__
i expand the earn incom tax credit __PUNCT__ increas tax credit for child care __PUNCT__ and provid a new __MONEY__ tax credit to help middl __PUNCT__ class famili send their children to colleg __PUNCT__
__PUNCT__ applaus __PUNCT__ and i will tie the minimum wage to congression salari so that congress can't get a rais until work men and women get a rais in the minimum wage __PUNCT__
__PUNCT__ applaus __PUNCT__ that what i will do as presid __PUNCT__ but there ar thing we should do right now __PUNCT__ immedi action to face the econom challeng __PUNCT__
that start with step to prevent as mani hous foreclosur as possibl __PUNCT__
i alreadi announc a seri of polici to do just that __PUNCT__ includ a __MONEY__ billion fund to help state work with at __PUNCT__ risk homeown to prevent foreclosur __PUNCT__
todai __PUNCT__ i call on the presid to conven a crisi confer __PUNCT__ bring togeth all the stakehold in the hous crisi __PUNCT__ from lender to homeown to commun group __PUNCT__ to figur out a solut to the hous crisi __PUNCT__
the time for hand __PUNCT__ wring and blame __PUNCT__ place is over __PUNCT__
we need urgent action __PUNCT__
and instead of just try to help the big bank __PUNCT__ how about help america __PUNCT__ mr __PUNCT__ presid __PUNCT__ to deal with thi foreclosur challeng that we face __PUNCT__ applaus __PUNCT__ second __PUNCT__ we need to immedi address the impend home heat crisi that could affect so mani famili thi year __PUNCT__
now __PUNCT__ the onli long __PUNCT__ term solut to high energi price is reduc our depend on foreign oil and lower the carbon intens of our economi __PUNCT__
i outlin a comprehens plan to do that that i talk about outsid of cedar rapid __PUNCT__ at newton __PUNCT__ and other place throughout iowa __PUNCT__ and i have set goal to be abl to move toward achiev that __PUNCT__
but it not go to happen until we see the end of the bush administr __PUNCT__
and i believ __PUNCT__ if we do it __PUNCT__ we can creat five million new job __PUNCT__
you know about blue __PUNCT__ collar job and white __PUNCT__ collar job __PUNCT__
how about green __PUNCT__ collar job for peopl who ar go to put solar panel on rooftop __PUNCT__ do the work on bio __PUNCT__ fuel and everyth els __PUNCT__ but with oil approach __MONEY__ a barrel __PUNCT__ it go to cost famili __NUM__ percent to __NUM__ percent more to heat their home thi winter __PUNCT__
too mani famili can't afford that __PUNCT__
so i wa outrag last week when presid bush veto emerg energi assist fund for famili __PUNCT__
becaus of hi veto __PUNCT__ state agenc right here in iowa and across america have been forc to turn awai needi famili __PUNCT__
if presid bush get hi wai __PUNCT__ on million famili will be cut off from heat assist thi winter __PUNCT__
that is unconscion __PUNCT__
i live in the white hous __PUNCT__
thei keep it warm in the white hous __PUNCT__
and mayb the presid should get out of the white hous and come to iowa and meet some of those famili who ar go to get cut off of energi assist becaus of hi veto __PUNCT__
i call on the presid to put partisan polit asid and commit emerg fund todai __PUNCT__ not month down the road __PUNCT__ when million of senior and low __PUNCT__ incom famili have liter been left out in the cold __PUNCT__
let ensur that no elig famili get turn awai and that assist keep pace with the rise energi price __PUNCT__
in addit __PUNCT__ we should commit __MONEY__ billion to an emerg home conserv program to lower cost for famili in cold __PUNCT__ weather state __PUNCT__
thi program will allow state to make weather kit avail to three million famili __PUNCT__
these kit would includ easi __PUNCT__ to __PUNCT__ instal item __PUNCT__ like a wrap __PUNCT__ an insul wrap for your water heater __PUNCT__ caulk for door and window __PUNCT__
we know from experi thi can reduc a famili heat bill by up to __NUM__ percent __PUNCT__
third __PUNCT__ we need to work with govern around the world to set guidelin to make these sovereign wealth fund more transpar __PUNCT__
you know __PUNCT__ here in america __PUNCT__ we would never fear peopl from other nation who have confid in the american economi and want to invest and creat job here __PUNCT__
but when the investor is a foreign govern __PUNCT__ we need to be vigil about ensur that the invest don't threaten our econom sovereignti __PUNCT__
current __PUNCT__ these sovereign wealth fund don't have to disclos their hold __PUNCT__ their invest object __PUNCT__ their invest return __PUNCT__ or their manag structur __PUNCT__ so it hard to assess whether thei introduc unnecessari risk into our market __PUNCT__ hard to know whether thei bui or sell asset to make a profit or make a point __PUNCT__
so todai i call on the bush administr __PUNCT__ the world bank __PUNCT__ the intern monetari fund to begin immedi craft transpar guidelin for these sovereign wealth fund __PUNCT__
strict disclosur requir ar critic to help us understand how these fund ar oper __PUNCT__
and __PUNCT__ final __PUNCT__ we need to start address the risk pose by deriv and other complex financi product __PUNCT__
you can't let wall street send the bill to your street with the bright idea that just don't work out __PUNCT__
deriv and product like them ar pose real risk to famili __PUNCT__ as wall street write down ten of billion of dollar in invest __PUNCT__
compani ar take the loss of a billion here and a billion there simpli becaus the secur thei own ar worth less than thei thought __PUNCT__
so as presid __PUNCT__ i will move to establish the __NUM__ __PUNCT__ centuri oversight we need in a __NUM__ __PUNCT__ centuri global marketplac __PUNCT__
i will call for an immedi review of these new invest product and for plan to make them more transpar __PUNCT__
but i would hope that the bush administr would do it befor i sworn in __PUNCT__
i don't want to see anoth __NUM__ month of potenti risk be inject into our economi with all of the other factor at work __PUNCT__
you know __PUNCT__ presid franklin roosevelt __PUNCT__ who said a lot of realli smart thing __PUNCT__ said econom law ar not made by natur __PUNCT__
thei made by human be __PUNCT__
never befor ha america been at such an import econom crossroad __PUNCT__
the threat to our success ar mani __PUNCT__ thei been aid by misguid govern polici and fail econom leadership and an effort to turn our govern into a govern of the few __PUNCT__ by the few __PUNCT__ and for the few __PUNCT__
but __PUNCT__ you know __PUNCT__ america strength ar legendari __PUNCT__ and i think we readi to come togeth again and do what it take to succe __PUNCT__
we just need a presid readi to chang our polici and lead our peopl __PUNCT__
i believ i can provid the econom leadership we need to make the chang that ar so desper requir __PUNCT__ and i ask for your support and your counsel and your help as we make thi journei togeth __PUNCT__
thank you all veri __PUNCT__ veri much __PUNCT__
__PUNCT__ applaus __PUNCT__
