thank you __PUNCT__ governor cuomo __PUNCT__ for introduc me and for invit me to share some thought with all of you todai __PUNCT__
i want to us our time togeth to continu a convers about the econom life of our countri __PUNCT__ those serv by it and those left out in the cold __PUNCT__ the fundament valu our economi elev and the on it violat __PUNCT__
more than that __PUNCT__ i want to talk about what we have to do to put our economi back in line with those fundament valu __PUNCT__ and to put our govern back in the servic of america best interest __PUNCT__ not the special interest __PUNCT__
it is fit to continu thi convers here at cooper union __PUNCT__ a school found by a man who couldn't afford to go to colleg __PUNCT__ but who succeed and made sure that other would have chanc he never did __PUNCT__
peter cooper stori is the stori of america __PUNCT__
a place of optim and upward mobil __PUNCT__ a place where peopl work hard and sacrific becaus thei know it will lead to a better life for themselv and their children __PUNCT__
and a place where we recogn that we ar all in it togeth __PUNCT__
i know that stori well __PUNCT__ becaus it my stori __PUNCT__ too __PUNCT__
my father had to borrow __MONEY__ to bring me and my mother home from the hospit __PUNCT__
now i enjoi all the bless of america __PUNCT__
governor cuomo know it __PUNCT__ becaus it hi stori __PUNCT__ too __PUNCT__
hi father came here without a penni in hi pocket or a word of english and he rais hi son to work hard and to stand up for the right of work peopl __PUNCT__
i will to bet that most of you or your parent or grandpar can tell similar stori __PUNCT__
we call it the american dream __PUNCT__ the right to succe on the strength of your own merit __PUNCT__ and the respons to help other to do the same __PUNCT__
nobodi get to pull the ladder up behind them __PUNCT__ onc thei gotten to the top __PUNCT__ and everybodi ha a chanc to make the climb __PUNCT__
it a simpl principl of fair and opportun __PUNCT__ first and alwai __PUNCT__ even in a complex world __PUNCT__
that the soul of the american dream __PUNCT__
it is what draw peopl from around the world to our shore __PUNCT__ it is what ha sustain the optim of the american peopl __PUNCT__ and it is what ha help build the wealthiest nation in histori __PUNCT__
but if you go out and talk to peopl around thi countri __PUNCT__ thei tell you __PUNCT__ thei still believ in the american dream __PUNCT__ thei just think it out of reach __PUNCT__
it hard to call it the american dream when fewer than a third of american think life will be better for their children than it is for them __PUNCT__
it understand that thei feel that wai __PUNCT__
for the last __NUM__ year __PUNCT__ about half of america econom growth ha gone to the top __NUM__ percent __PUNCT__
todai __PUNCT__ the top __NUM__ american now make more than the bottom __NUM__ million put togeth __PUNCT__
product is up but median incom is down __PUNCT__
peopl ar make more __PUNCT__ while thei make less __PUNCT__
men in their 30 todai earn less in real dollar than the men did __NUM__ year ago __PUNCT__
more and more women have gone to work __PUNCT__ and now marri coupl with children ar work an averag of __NUM__ hour a week more than their parent did __PUNCT__
work famili with breadwinn in their 40 ar almost three time more like to fall in to poverti than thei were a gener ago __PUNCT__
what doe all thi mean in real term __PUNCT__ it mean that our system reward wealth __PUNCT__ not work __PUNCT__
the gap between ceo and the averag worker is out of sight __PUNCT__ todai __PUNCT__ the averag ceo make __NUM__ time what the averag worker make __PUNCT__
our tax system ha been rewritten by georg bush to favor the wealthi and shift the burden to work famili __PUNCT__
that is simpli wrong __PUNCT__ and even those who benefit the most from our current system know that it is wrong __PUNCT__
warren buffett onc complain that hi receptionist lose more of her incom in payrol tax than he doe __PUNCT__
he call it __PUNCT__ class welfar __PUNCT__ and he meant welfar for the rich __PUNCT__
nobodi understand these divis better than the man who introduc me todai __PUNCT__ the man who dare to differ with ronald reagan rosi vision of a __PUNCT__ shine citi on the hill __PUNCT__ and who told a legendari __PUNCT__ tale of two citi __PUNCT__ where the rich and power ar insul from the need of the vast major of american __PUNCT__
governor cuomo word ring as true todai as thei did in __NUM__ __PUNCT__ or in __NUM__ __PUNCT__
becaus there ar still two citi __PUNCT__
there ar still two america __PUNCT__
on america that live by the paycheck calendar __PUNCT__ anoth that never ha to look at the calendar befor write a check __PUNCT__
on america that afraid it won't be abl to leav it children a better life __PUNCT__ anoth whose children ar alreadi set for life __PUNCT__
on america __PUNCT__ middl __PUNCT__ class america __PUNCT__ long forgotten by washington __PUNCT__ and anoth america __PUNCT__ narrow __PUNCT__ interest america __PUNCT__ whose everi wish is washington command __PUNCT__
it no coincid that our economi is onli work for a few when washington is onli work for a few __PUNCT__
sinc __NUM__ the number of washington lobbyist ha tripl to __NUM__ __PUNCT__
that __NUM__ time more peopl than live in my hometown of robbin __PUNCT__ north carolina __PUNCT__
it __NUM__ lobbyist for everi member of congress __PUNCT__
sixti __PUNCT__
and i can tell you from experi __PUNCT__ a lot of them ar more power than the member __PUNCT__
so what happen __PUNCT__ big insur and pharmaceut compani ar write our health care polici to ensur their own profit __PUNCT__ not their custom __PUNCT__ well be __PUNCT__ while __NUM__ million american go without health insur and premium skyrocket for everyon __PUNCT__
big oil compani and electr util ar write our nation energi polici __PUNCT__
no surpris __PUNCT__ thei ar block the develop of clean renew energi we so desper need __PUNCT__ both to protect the environ and to stimul a new wave of econom growth __PUNCT__
big financi interest ar write our econom polici __PUNCT__ and while their profit ar set record __PUNCT__ record number of famili ar go bankrupt and lose their home __PUNCT__
salli mae and other bank ar block effort to make colleg more afford and student debt smaller __PUNCT__
cabl and telecommun compani ar block effort to make high __PUNCT__ speed internet univers and afford __PUNCT__
account softwar compani ar block effort to make it easier for you to do your tax __PUNCT__
is it ani wonder that so mani hard __PUNCT__ work __PUNCT__ law __PUNCT__ abid middl class american feel as if the econom system is stack against them __PUNCT__ and that the problem of two america __PUNCT__
it not that some peopl ar do well __PUNCT__ lord know __PUNCT__ that is what we all want __PUNCT__
it that too mani peopl don't even have a chanc __PUNCT__
it that the system that should be help more peopl to succe increasingli protect those who alreadi have __PUNCT__ and it do it at the expens of everyon els __PUNCT__
there ar a lot of peopl __PUNCT__ especi peopl in washington __PUNCT__ who don't want me to talk about the two america __PUNCT__
and if you think thei don't want me to talk about middl class american __PUNCT__ you can bet thei don't want me to talk about the __NUM__ million american who ar live in poverti here in the wealthiest nation on earth __PUNCT__
peopl tell me __PUNCT__ poverti isn't good polit __PUNCT__
but what is polit if not the public forum for our highest ideal __PUNCT__ thei tell me there ar better wai to win vote than to talk about poor peopl __PUNCT__
but thi isn't about win vote __PUNCT__ it about win back the american dream for everyon will to work hard to achiev it __PUNCT__
i not surpris __PUNCT__ frankli __PUNCT__ that peopl who rig the system to begin with want to keep it that wai forev __PUNCT__ forget who get left behind in the bargain __PUNCT__
but the last time i check __PUNCT__ you not suppos to check your valu at the door when you run for presid __PUNCT__
and you should not be presid if you do not acknowledg the divis that threaten our economi __PUNCT__ our societi and our soul __PUNCT__
abraham lincoln __PUNCT__ who onc spoke here at cooper union __PUNCT__ famous said that a hous divid against itself cannot stand __PUNCT__
that is as true in our two america as it wa in hi __PUNCT__
i have learn someth in the last four year __PUNCT__ though __PUNCT__
it not enough to talk about the two america __PUNCT__
we also need to talk about what we need to do to build on america __PUNCT__ and to do that __PUNCT__ i believ we have to build on american economi __PUNCT__
we should start with the wild west of the credit industri __PUNCT__ where some abus and predatori lender ar rob famili blind __PUNCT__
it time for a new sheriff in town __PUNCT__
debt ha becom the central fact of middl __PUNCT__ class exist __PUNCT__
thirti year ago __PUNCT__ famili save around __NUM__ percent of their incom __PUNCT__ todai __PUNCT__ the famili save rate is neg __PUNCT__ so famili ar go more deepli into debt __PUNCT__
__PUNCT__ debt collector __PUNCT__ is on of the fastest __PUNCT__ grow job __PUNCT__
we can't afford all thi debt __PUNCT__ either __PUNCT__
there were __NUM__ million foreclosur in __NUM__ __PUNCT__ a __NUM__ percent jump __PUNCT__ and million more ar expect __PUNCT__
lender deliber build in trick and trap for famili __PUNCT__
there ar all kind of fee __PUNCT__ teaser rate __PUNCT__ penalti rate __PUNCT__ cross __PUNCT__ default claus __PUNCT__
term ar disguis instead of be disclos __PUNCT__
as elizabeth warren ha point out __PUNCT__ you can't bui a toaster that ha a on __PUNCT__ in __PUNCT__ five chanc of burn your hous down __PUNCT__ consum protect prevent it __PUNCT__
but you can easili get a mortgag that ha the same on __PUNCT__ in __PUNCT__ five chanc of put the famili out into the street __PUNCT__ and the lender doesn't even have to disclos the risk __PUNCT__
our leader in washington stand by and watch __PUNCT__
of cours __PUNCT__ the financi industri is on of the top three giver to polit campaign __PUNCT__ so the math just isn't that hard __PUNCT__
it time we did more than sai __PUNCT__ buyer bewar __PUNCT__ while million of famili go broke everi year __PUNCT__
we should put in place the same consum protect for financi product that we have for everyth els american can bui __PUNCT__
and when i presid __PUNCT__ i do just that __PUNCT__
first __PUNCT__ i will creat a famili save and credit commiss to make sure that financi servic treat famili safe __PUNCT__
right now __PUNCT__ there no sheriff in town __PUNCT__
interest rate were effect deregul __NUM__ year ago __PUNCT__
state cannot effect regul bank becaus most ar base in other state __PUNCT__
feder regul put bank __PUNCT__ sound __PUNCT__ profit __PUNCT__ far ahead of consum protect __PUNCT__
my famili save and credit commiss will chang thi __PUNCT__
it will deal with all financi servic __PUNCT__ credit card __PUNCT__ mortgag __PUNCT__ car loan __PUNCT__ check __PUNCT__ casher __PUNCT__ paydai loan __PUNCT__ invest account __PUNCT__ and more __PUNCT__
it will ban the most abus term and make sure consum understand the other __PUNCT__
second __PUNCT__ i will also pass strong nation law protect us against the worst abus in credit market __PUNCT__ predatori mortgag __PUNCT__ abus credit card term __PUNCT__ and paydai loan with interest rate of __NUM__ percent or higher __PUNCT__
final __PUNCT__ i will help creat altern to abus lender __PUNCT__
i will help work famili build up a cushion by match their save and bring bank account to the __NUM__ million without them __PUNCT__
and i will support non __PUNCT__ profit group offer afford __PUNCT__ short __PUNCT__ term loan __PUNCT__
we need a new era of respons lender who see famili as long __PUNCT__ term invest __PUNCT__ not quick buck __PUNCT__
all across the economi __PUNCT__ we need to do the same thing __PUNCT__ take on the special interest and put washington back on the side of regular famili __PUNCT__
we need to take on insur and drug compani to reform health care __PUNCT__ bring down cost and cover the __NUM__ million uninsur __PUNCT__
the oil and power compani mai not like it __PUNCT__ but we need to invest in renew energi and us energi far more effici __PUNCT__
and we need to do more to reward the hard work of regular famili __PUNCT__
i grew up in a mill town where work wa often in short suppli __PUNCT__ and it wa understood that work wa the kei to upward mobil __PUNCT__
it wasn't a chore __PUNCT__ what i heard call __PUNCT__ a mondai __PUNCT__ to __PUNCT__ fridai kind of dy __PUNCT__
it wa a ladder to a better life __PUNCT__
it still is __PUNCT__ and american __PUNCT__ hard work is the drive forc of our nation prosper __PUNCT__
why then do we do so littl to reward the averag work of regular famili __PUNCT__ it time the work peopl of thi countri knew the system wa work for them __PUNCT__ not just for their boss __PUNCT__
we need to reform our tax code __PUNCT__
our current system favor the unearn incom of peopl alreadi do incred well instead of reward the work of famili try to get ahead __PUNCT__
it ha all kind of loophol and shelter that lawyer can twist for their wealthi client __PUNCT__
it forc million of famili to hire help to figur out how much thei ow __PUNCT__
that just not right __PUNCT__
and we need to strengthen our labor law __PUNCT__
union made manufactur job the foundat of the middl class and thei can do the same for the million of new servic job in the labor market __PUNCT__
but busi routin __PUNCT__ and illeg __PUNCT__ block organ drive by harass and fire servic worker __PUNCT__
we need fair law that let worker form a union if thei choos __PUNCT__
these ar just some of the thing i believ we need to do to build on america __PUNCT__ and which i will do as presid __PUNCT__
so you go to hear me talk a lot more about them __PUNCT__
not becaus it good polit __PUNCT__
not becaus it win me some more vote __PUNCT__
but becaus i believ we cannot go on as two america __PUNCT__ on favor __PUNCT__ the other forgotten __PUNCT__ if we plan to stai product __PUNCT__ competit and secur __PUNCT__
becaus i believ the backbon of the american economi is the hard work __PUNCT__ determin __PUNCT__ and ingenu of the middl class __PUNCT__
and becaus i believ that the wai a strong nation becom stronger is by give all it citizen a chanc to prosper __PUNCT__
i know that togeth we can build on america __PUNCT__ a place where everyon ha a fair shot at the american dream __PUNCT__
a place where our govern care more about peopl __PUNCT__ wage and job than it doe about profit __PUNCT__ corpor price and campaign contribut __PUNCT__
a place where patriot mean more than support a war __PUNCT__ it mean support on anoth __PUNCT__
that the on america i want to help lead __PUNCT__
and i look forward to work with all of you to build it __PUNCT__
i thank you for take the time to listen to me todai __PUNCT__
and now __PUNCT__ i be happi to take some question __PUNCT__
