thank you for join me here todai __PUNCT__
it is a real pleasur to be particip in thi roundtabl with so mani accomplish entrepreneur and small busi owner __PUNCT__
you repres the engin of econom growth in america __PUNCT__
small busi creat the major of new job in america everi year __PUNCT__ so thank you for your ingenu __PUNCT__ persever __PUNCT__ and hard work __PUNCT__
for american __PUNCT__ a good job is the best program for hous __PUNCT__ educ __PUNCT__ cloth __PUNCT__ health care and transport ever devis __PUNCT__
a strong __PUNCT__ grow economi with good job is central to everyth we want for america __PUNCT__
todai our economi is weaken __PUNCT__ and as i travel thi countri and meet and talk with peopl __PUNCT__ i can see how thing ar get tougher for mani american __PUNCT__
as i see it __PUNCT__ individu and famili ar feel real pressur in four major area __PUNCT__
hous price ar flat or declin and american have lost their home or ar in danger of lose them __PUNCT__
a credit crunch is make person loan __PUNCT__ student loan __PUNCT__ or busi loan harder to get __PUNCT__
ga price and food price ar threaten famili budget __PUNCT__
and peopl ar worri about their job __PUNCT__
i have a plan of action to get the american economi back on track __PUNCT__
my plan is compris of two part __PUNCT__ first is a tangibl __PUNCT__ near __PUNCT__ term plan to address and reliev some of the seriou problem that american ar face right now __PUNCT__
the second part of the plan is to creat the right medium and long __PUNCT__ term environ for our economi to rebound and thrive __PUNCT__
let me discuss the short __PUNCT__ term challeng and action first __PUNCT__
recent __PUNCT__ a sustain period of rise home price made mani home lender complac __PUNCT__ give them a fals sens of secur and caus them to lower their lend standard __PUNCT__
thei stop ask basic question of their borrow like __PUNCT__ can you afford thi home __PUNCT__ can you put a reason amount of monei down __PUNCT__ lender end up violat the basic rule of bank __PUNCT__ don't lend peopl monei who can't pai it back __PUNCT__
some american bought home thei couldn't afford __PUNCT__ bet that rise price would make it easier to refin later at more afford rate __PUNCT__
there ar __NUM__ million famili home in america and those homeown ar now face the realiti that the bubbl ha burst and price go down as well as up __PUNCT__
more gener __PUNCT__ credit is dry up and liquid is now sever limit __PUNCT__ and small busi and hard __PUNCT__ work famili find themselv unabl to get their usual loan __PUNCT__
busi manag have becom not onli more cautiou about hire __PUNCT__ but some have been reduc their workforc __PUNCT__
all of thi led to a discourag job report last fridai __PUNCT__
as if thi were not enough __PUNCT__ oil price and therefor ga price have been climb for well over a year __PUNCT__
for a long time __PUNCT__ compani and busi absorb those increas but recent thei have had to pass them on to consum __PUNCT__
the reason the price of milk __PUNCT__ egg and all kind of good ar up so much is __PUNCT__ simpli __PUNCT__ the increas cost of transport these product to your store __PUNCT__
even the cost of product contain and carton __PUNCT__ often made from petroleum product __PUNCT__ have been affect by the rise cost of oil and ga __PUNCT__
so what can we do in the near term __PUNCT__ let start with the hous challeng __PUNCT__
there is noth more import than keep aliv the american dream to own your home __PUNCT__ and prioriti number on is to keep well mean __PUNCT__ deserv home owner who ar face foreclosur in their home __PUNCT__
i am pleas that the congress is consid bi __PUNCT__ partisan reform to help the mortgag crisi __PUNCT__
bipartisan effort mai not make for great polit theater __PUNCT__ but thei remain the most effect wai to address quickli our nation problem __PUNCT__
bipartisan effort ar also sometim less than perfect __PUNCT__ and i believ we can improv on the legisl befor congress __PUNCT__
i made my principl in thi area clear __PUNCT__ tax break for builder __PUNCT__ fund to purchas home in foreclosur __PUNCT__ and tax credit that ar not target to where the need is greatest do not constitut the feder help that is warrant __PUNCT__
in some case __PUNCT__ lender and borrow alik were caught up in the specul frenzi that ha harm the hous market __PUNCT__
and it is not the respons of the american public to spare them from the consequ of their own bad judgment __PUNCT__
the goal should be to help homeown who ar struggl __PUNCT__ and onli about __MONEY__ billion of the bill address their concern in ani wai __PUNCT__
i believ we can do better __PUNCT__
we can also encourag group like neighborwork america and other provid mortgag assist to homeown in their commun __PUNCT__
and our govern can give them the resourc to expand their effort __PUNCT__
i also believ that the mortgag lend industri ha an oblig to help refin mortgag __PUNCT__
if what i have read about industri __PUNCT__ led effort is true __PUNCT__ it appear that a stronger effort could be launch __PUNCT__
i believ a more robust __PUNCT__ time and target effort is my home plan __PUNCT__
it offer everi deserv american famili or homeown the opportun to trade a burdensom mortgag for a manag loan that reflect the market valu of their home __PUNCT__
thi plan is focus on peopl __PUNCT__
peopl decid if thei need help __PUNCT__ thei appli for assist and if approv the govern under my home program support them in get a new mortgag that thei can afford __PUNCT__
there will be qualif which requir the home to be a primari resid and the borrow abl to afford a new mortgag __PUNCT__
we will combin the power of govern and the privat sector to find immedi solut for deserv american homeown __PUNCT__
my plan follow the sound econom principl that when market declin dramat __PUNCT__ debt must be restructur __PUNCT__
it is built on the realiti that homeown should have an equiti capit stake in their home __PUNCT__
homeown would end up with a __NUM__ __PUNCT__ year mortgag and an equiti stake in their home __PUNCT__
the new lender would receiv a feder guarante of the mortgag __PUNCT__
and the taxpay get a benefit if the sale valu ever recov __PUNCT__
the result is a restructur financi arrang for the homeown __PUNCT__
over the long term __PUNCT__ financi institut must follow suit __PUNCT__ write off loss __PUNCT__ restructur their balanc sheet __PUNCT__ and rais more capit __PUNCT__
i am also call for an immedi doj task forc to aggress investig potenti crimin wrongdo in the mortgag lend and securit industri __PUNCT__
if there were individu or firm that defraud innoc homeown or forg loan applic document __PUNCT__ then the punish of the market ar not enough __PUNCT__ and thei must answer for their conduct in a court of law __PUNCT__
now let me turn to ga and food price __PUNCT__
we need to help everyon who reli on ga to commut or pick up the kid or get to doctor appoint __PUNCT__
as presid __PUNCT__ i promis to pursu a nation energi strategi that won't be anoth grab bag of handout and a full employ act for lobbyist __PUNCT__
it will promot the diversif and conserv of our energi sourc __PUNCT__ includ a robust expans of nuclear power __PUNCT__ that will in suffici time break the domin of oil in our transport sector __PUNCT__
right now i think we should stop ad to the strateg petroleum reserv __PUNCT__
the spr is intend to offset the impact of physic disrupt of oil suppli __PUNCT__
but with oil at over __MONEY__ a barrel and an adequ suppli in the spr __PUNCT__ it is time to suspend purchas __PUNCT__
thi will lessen worldwid demand for oil __PUNCT__ and if the classic law of suppli and demand hold __PUNCT__ we should see a welcom decreas in the price of oil __PUNCT__
and i ask everi american to consid how you can sacrific a bit for the common good and cut back where you can on your energi us __PUNCT__
job secur mai well be the most press problem of these challeng econom time __PUNCT__
right now __PUNCT__ job ar in jeopardi and the govern backstop is not up to the task __PUNCT__
for over a year __PUNCT__ i have been call for a comprehens reform to our unemploy insur and displac worker program __PUNCT__
in our current unemploy insur system __PUNCT__ benefit ar the same regardless of whether a job is found quickli or slowli __PUNCT__
there is no reward for work __PUNCT__ or get to work quickli __PUNCT__
train program ar duplic __PUNCT__ balkan and ineffici __PUNCT__
the depart of labor alon ha over a half __PUNCT__ dozen program under differ organiz umbrella __PUNCT__
i propos that we build a new system so that as women and men work __PUNCT__ their tax help to build up a buffer account against lost earn __PUNCT__
then __PUNCT__ if thei ar unfortun enough to lose a job __PUNCT__ thei will be abl to better meet their oblig __PUNCT__
there will also be no need to wait for a bureaucrat or obei a timet __PUNCT__
everi dai will count and give incent to get back to work __PUNCT__
if new skill ar need __PUNCT__ displac worker should find quick assist at a commun colleg us a flexibl train account that permit them to pai for train and us some of the leftov to keep their health insur __PUNCT__
thei will be abl to get the hand __PUNCT__ on skill need by employ in the area and move to a new job __PUNCT__
and my plan contain special __PUNCT__ target assist for older worker __PUNCT__
we also must make health care portabl __PUNCT__
the biggest fear peopl have when thei lose their job is lose their health insur __PUNCT__
i have propos comprehens reform that will lead to innov __PUNCT__ portabl insur __PUNCT__
but we can start by make sure that worker ar elig for afford coverag under cobra __PUNCT__
these short term measur ar design to help peopl where thei face the most challeng right now __PUNCT__
i think thei could make a signific differ in the everydai live of mani peopl __PUNCT__
much work remain to be done on address the issu and challeng that will ensur we remain the largest and strongest economi in the world in the futur __PUNCT__
i believ that in order to accomplish thi we must do three thing __PUNCT__
first __PUNCT__ we must invest in the greatest resourc we have __PUNCT__ the american peopl __PUNCT__
second __PUNCT__ we must reignit and drive a spirit of innov in america __PUNCT__
and third __PUNCT__ we must foster growth and econom freedom __PUNCT__ which realli mean low and effect tax __PUNCT__ free trade on a level plai field __PUNCT__ small govern and a smart __PUNCT__ enforc regulatori and legal framework __PUNCT__
next week i will outlin my longer term vision for american econom growth and power __PUNCT__
but let me make it clear that in these challeng time __PUNCT__ i am commit to us all the resourc of thi govern and great nation to creat opportun and make sure that everi deserv american ha a good job and can achiev their american dream __PUNCT__
