i want to thank mayor bloomberg for hi extraordinari leadership __PUNCT__
at a time when washington is divid in old ideolog battl __PUNCT__ he show us what can be achiev when we bring peopl togeth to seek pragmat solut __PUNCT__
not onli ha he been a remark leader for new york __PUNCT__ he ha establish himself as a major voic in our nation debat on issu like renew our economi __PUNCT__ educ our children __PUNCT__ and seek energi independ __PUNCT__
mr __PUNCT__ mayor __PUNCT__ i share your determin to bring thi countri togeth to final make progress for the american peopl __PUNCT__
in a citi of landmark __PUNCT__ we meet at cooper union __PUNCT__ just uptown from feder hall __PUNCT__ where georg washington took the oath of offic as the first presid of the unit state __PUNCT__
with all the histori that ha pass through the narrow canyon of lower manhattan __PUNCT__ it is worth take a moment to reflect on the role that the market ha plai in the develop of the american stori __PUNCT__
the great task befor our founder that dai wa put into practic the ideal that govern could simultan serv liberti and advanc the common good __PUNCT__
for alexand hamilton __PUNCT__ the young secretari of the treasuri __PUNCT__ that task wa bound to the vigor of the american economi __PUNCT__
hamilton had a strong belief in the power of the market __PUNCT__
but he balanc that belief with the convict that human enterpris __PUNCT__ mai be benefici stimul by prudent aid and encourag on the part of the govern __PUNCT__
govern __PUNCT__ he believ __PUNCT__ had an import role to plai in advanc our common prosper __PUNCT__
so he nation the state revolutionari war debt __PUNCT__ weav togeth the economi of the state and creat an american system of credit and capit market __PUNCT__
and he encourag manufactur and infrastructur __PUNCT__ so product could be move to market __PUNCT__
hamilton met fierc opposit from thoma jefferson __PUNCT__ who worri that thi brand of capit would favor the interest of the few over the mani __PUNCT__
jefferson prefer an agrarian economi becaus he believ that it would give individu landown freedom __PUNCT__ and that thi freedom would nurtur our democrat institut __PUNCT__
but despit their differ __PUNCT__ there wa on thing that jefferson and hamilton agre on __PUNCT__ that econom growth depend upon the talent and ingenu of the american peopl __PUNCT__ that in order to har that talent __PUNCT__ opportun had to remain open to all __PUNCT__ and that through educ in particular __PUNCT__ everi american could climb the ladder of social and econom mobil __PUNCT__ and achiev the american dream __PUNCT__
in the more than two centuri sinc then __PUNCT__ we have struggl to balanc the same forc that confront hamilton and jefferson __PUNCT__ self __PUNCT__ interest and commun __PUNCT__ market and democraci __PUNCT__ the concentr of wealth and power __PUNCT__ and the necess of transpar and opportun for each and everi citizen __PUNCT__
throughout thi saga __PUNCT__ american have pursu their dream within a free market that ha been the engin of america progress __PUNCT__
it a market that ha creat a prosper that is the envi of the world __PUNCT__ and opportun for gener of american __PUNCT__
a market that ha provid great reward to the innov and risk __PUNCT__ taker who have made america a beacon for scienc __PUNCT__ and technolog __PUNCT__ and discoveri __PUNCT__
but the american experi ha work in larg part becaus we have guid the market invis hand with a higher principl __PUNCT__
our free market wa never meant to be a free licens to take whatev you can get __PUNCT__ howev you can get it __PUNCT__
that is why we have put in place rule of the road to make competit fair __PUNCT__ and open __PUNCT__ and honest __PUNCT__
we have done thi not to stifl __PUNCT__ but rather to advanc prosper and liberti __PUNCT__
as i said at nasdaq last __DATE__ __PUNCT__ the core of our econom success is the fundament truth that each american doe better when all american do better __PUNCT__ that the well be of american busi __PUNCT__ it capit market __PUNCT__ and the american peopl ar align __PUNCT__
i think all of us here todai would acknowledg that we lost that sens of share prosper __PUNCT__
thi loss ha not happen by accid __PUNCT__
it becaus of decis made in boardroom __PUNCT__ on trade floor and in washington __PUNCT__
under republican and democrat administr __PUNCT__ we fail to guard against practic that all too often reward financi manipul instead of product and sound busi practic __PUNCT__
we let the special interest put their thumb on the econom scale __PUNCT__
the result ha been a distort market that creat bubbl instead of steadi __PUNCT__ sustain growth __PUNCT__ a market that favor wall street over main street __PUNCT__ but end up hurt both __PUNCT__
nor is thi trend new __PUNCT__
the concentr of econom power __PUNCT__ and the failur of our polit system to protect the american economi from it worst excess __PUNCT__ have been a stapl of our past __PUNCT__ most famous in the 1920 __PUNCT__ when with success we end up plung the countri into the great depress __PUNCT__
that is when govern step in to creat a seri of regulatori structur __PUNCT__ from the fdic to the glass __PUNCT__ steagal act __PUNCT__ to serv as a correct to protect the american peopl and american busi __PUNCT__
iron __PUNCT__ it wa in reaction to the high tax and some of the outmod structur of the new deal that both individu and institut began push for chang to thi regulatori structur __PUNCT__
but instead of sensibl reform that reward success and freed the creativ forc of the market __PUNCT__ too often we excus and even embrac an ethic of greed __PUNCT__ corner cut and insid deal that ha alwai threaten the long __PUNCT__ term stabil of our econom system __PUNCT__
too often __PUNCT__ we lost that common stake in each other prosper __PUNCT__
let me be clear __PUNCT__ the american economi doe not stand still __PUNCT__ and neither should the rule that govern it __PUNCT__
the evolut of industri often warrant regulatori reform __PUNCT__ to foster competit __PUNCT__ lower price __PUNCT__ or replac outdat oversight structur __PUNCT__
old institut cannot adequ overse new practic __PUNCT__
old rule mai not fit the road where our economi is lead __PUNCT__
there were good argument for chang the rule of the road in the 1990 __PUNCT__
our economi wa undergo a fundament shift __PUNCT__ carri along by the swift current of technolog chang and global __PUNCT__
for the sake of our common prosper __PUNCT__ we need to adapt to keep market competit and fair __PUNCT__
unfortun __PUNCT__ instead of establish a __NUM__ centuri regulatori framework __PUNCT__ we simpli dismantl the old on __PUNCT__ aid by a legal but corrupt bargain in which campaign monei all too often shape polici and water down oversight __PUNCT__
in do so __PUNCT__ we encourag a winner take all __PUNCT__ anyth goe environ that help foster devast disloc in our economi __PUNCT__
deregul of the telecommun sector __PUNCT__ for exampl __PUNCT__ foster competit but also contribut to massiv over __PUNCT__ invest __PUNCT__
partial deregul of the electr sector enabl market manipul __PUNCT__
compani like enron and worldcom took advantag of the new regulatori environ to push the envelop __PUNCT__ pump up earn __PUNCT__ disguis loss and otherwis engag in account fraud to make their profit look better __PUNCT__ a practic that led investor to question the balanc sheet of all compani __PUNCT__ and sever damag public trust in capit market __PUNCT__
thi wa not the invis hand at work __PUNCT__
instead __PUNCT__ it wa the hand of industri lobbyist tilt the plai field in washington __PUNCT__ an account industri that had develop power conflict of interest __PUNCT__ and a financi sector that fuel over __PUNCT__ invest __PUNCT__
a decad later __PUNCT__ we have deregul the financi servic sector __PUNCT__ and we face anoth crisi __PUNCT__
a regulatori structur set up for bank in the 1930 need to chang becaus the natur of busi ha chang __PUNCT__
but by the time the glass __PUNCT__ steagal act wa repeal in __NUM__ the __MONEY__ million lobbi effort that drove deregul wa more about facilit merger than creat an effici regulatori framework __PUNCT__
sinc then __PUNCT__ we have overseen __NUM__ centuri innov __PUNCT__ includ the aggress introduct of new and complex financi instrument like hedg fund and non __PUNCT__ bank financi compani __PUNCT__ with outdat __NUM__ centuri regulatori tool __PUNCT__
new conflict of interest recal the worst excess of the past __PUNCT__ like the outrag new that we learn just yesterdai of kpmg allow a lender to report profit instead of loss __PUNCT__ so that both parti could make a quick buck __PUNCT__
not surprisingli __PUNCT__ the regulatori environ fail to keep pace __PUNCT__
when subprim mortgag lend took a reckless and unsustain turn __PUNCT__ a patchwork of regul were unabl or unwil to protect the american peopl __PUNCT__
the polici of the bush administr threw the economi further out of balanc __PUNCT__
tax cut without end for the wealthiest american __PUNCT__
a trillion dollar war in iraq that didn't need to be fought __PUNCT__ paid for with deficit spend and borrow from foreign creditor like china __PUNCT__
a complet disdain for pai __PUNCT__ as __PUNCT__ you __PUNCT__ go budget __PUNCT__ coupl with a gener scorn attitud toward oversight and enforc __PUNCT__ allow far too mani to put short __PUNCT__ term gain ahead of long term consequ __PUNCT__
the american economi wa bound to suffer a pain correct __PUNCT__ and policymak found themselv with fewer resourc to deal with the consequ __PUNCT__
todai __PUNCT__ those consequ ar clear __PUNCT__
i see them in everi corner of our great countri __PUNCT__ as famili face foreclosur and rise cost __PUNCT__
i seem them in town across america __PUNCT__ where a credit crisi threaten the abil of student to get loan __PUNCT__ and state can't financ infrastructur project __PUNCT__
i see them here in manhattan __PUNCT__ where on of our biggest invest bank had to be bail out __PUNCT__ and the fed open it discount window to a host of new institut with unpreced implic we have yet to appreci __PUNCT__
when all is said and done __PUNCT__ loss will be in the mani hundr of billion __PUNCT__
what wa bad for main street wa bad for wall street __PUNCT__
pain trickl up __PUNCT__
that is why the principl that i spoke about at nasdaq is even more urgent true todai __PUNCT__ in our __NUM__ centuri economi __PUNCT__ there is no divid line between main street and wall street __PUNCT__
the decis made in new york high __PUNCT__ rise have consequ for american across the countri __PUNCT__
and whether those american can make their hous payment __PUNCT__ whether thei keep their job __PUNCT__ or spend confid without fall into debt __PUNCT__ that ha consequ for the entir market __PUNCT__
the futur cannot be shape by the best __PUNCT__ connect lobbyist with the best record of rais monei for campaign __PUNCT__
thi think is wrong for the financi sector and it wrong for our countri __PUNCT__
i do not believ that govern should stand in the wai of innov __PUNCT__ or turn back the clock to an older era of regul __PUNCT__
but i do believ that govern ha a role to plai in advanc our common prosper __PUNCT__ by provid stabl macroeconom and financi condit for sustain growth __PUNCT__ by demand transpar __PUNCT__ and by ensur fair competit in the marketplac __PUNCT__
our histori should give us confid that we don't have to choos between an oppress govern __PUNCT__ run economi and a chaotic and unforgiv capit __PUNCT__
it tell us we can emerg from great econom upheav stronger __PUNCT__ not weaker __PUNCT__
but we can do so onli if we restor confid in our market __PUNCT__
onli if we rebuild trust between investor and lender __PUNCT__
and onli if we renew that common interest between wall street and main street that is the kei to our success __PUNCT__
now __PUNCT__ as most expert agre __PUNCT__ our economi is in a recess __PUNCT__
to renew our economi __PUNCT__ and to ensur that we ar not doom to repeat a cycl of bubbl and bust again and again __PUNCT__ we need to address not onli the immedi crisi in the hous market __PUNCT__ we also need to creat a __NUM__ centuri regulatori framework __PUNCT__ and pursu a bold opportun agenda for the american peopl __PUNCT__
most urgent __PUNCT__ we must confront the hous crisi __PUNCT__
after month of inact __PUNCT__ the presid spoke here in new york and warn against do too much __PUNCT__
hi main propos __PUNCT__ extend tax cut for the wealthiest american __PUNCT__ is complet divorc from the realiti that peopl ar face around the countri __PUNCT__
john mccain recent announc hi own plan __PUNCT__ and it amount to littl more than watch thi crisi happen __PUNCT__
while thi is consist with senat mccain determin to run for georg bush third term __PUNCT__ it won't help famili who ar suffer __PUNCT__ and it won't help lift our economi out of recess __PUNCT__
over two million household ar at risk of foreclosur and million more have seen their home valu plung __PUNCT__
mani american ar walk awai from their home __PUNCT__ which hurt properti valu for entir neighborhood and aggrav the credit crisi __PUNCT__
to stabil the hous market and help bring the foreclosur crisi to an end __PUNCT__ i have sponsor senat chri dodd legisl creat a new fha hous secur program __PUNCT__ which will provid meaning incent for lender to bui or refin exist mortgag __PUNCT__
thi will allow american face foreclosur to keep their home at rate thei can afford __PUNCT__
senat mccain argu that govern should do noth to protect borrow and lender who made bad decis __PUNCT__ or taken on excess risk __PUNCT__
on thi point __PUNCT__ i agre __PUNCT__
but the dodd __PUNCT__ frank packag is not a bailout for lender or investor who gambl recklessli __PUNCT__ as thei will take loss __PUNCT__
it is not a windfal for borrow __PUNCT__ as thei will have to share ani capit gain __PUNCT__
instead __PUNCT__ it offer a respons and fair wai to help bring an end to the foreclosur crisi __PUNCT__
it ask both side to sacrific __PUNCT__ while prevent a long __PUNCT__ term collaps that could have enorm ramif for the most respons lender and borrow __PUNCT__ as well as the american peopl as a whole __PUNCT__
that is what senat mccain ignor __PUNCT__
for homeown who were victim of fraud __PUNCT__ i also propos a __MONEY__ billion foreclosur prevent fund that would help them sell a home that is beyond their mean __PUNCT__ or modifi their loan to avoid foreclosur or bankruptci __PUNCT__
it also time to amend our bankruptci law __PUNCT__ so famili aren't forc to stick to the term of a home loan that wa predatori or unfair __PUNCT__
to prevent fraud in the futur __PUNCT__ i propos tough new penalti on fraudul lender __PUNCT__ and a home score system that will allow consum to find out more about mortgag offer and whether thei be abl to make payment __PUNCT__
to help low __PUNCT__ and middl __PUNCT__ incom famili __PUNCT__ i propos a __NUM__ percent mortgag interest tax credit that will allow homeown who don't item their tax to access incent for home ownership __PUNCT__
and to expand home ownership __PUNCT__ we must do more to help commun turn abandon properti into afford hous __PUNCT__
the govern can't do thi alon __PUNCT__ nor should it __PUNCT__
as i said last __DATE__ __PUNCT__ lender must get ahead of the curv rather than just react to crisi __PUNCT__
thei should activ look at all borrow __PUNCT__ offer workout __PUNCT__ and reduc the princip on mortgag in troubl __PUNCT__
not onli can thi prevent the larger loss associ with foreclosur and resal __PUNCT__ but it can reduc the extent of govern intervent and taxpay exposur __PUNCT__
beyond deal with the immedi hous crisi __PUNCT__ it is time for the feder govern to revamp the regulatori framework deal with our financi market __PUNCT__
our capit market have help us build the strongest economi in the world __PUNCT__
thei ar a sourc of competit advantag for our countri __PUNCT__
but thei cannot succe without the public trust __PUNCT__
the detail of regulatori reform should be develop through sound analysi and public debat __PUNCT__
but there ar sever core principl for reform that i will pursu as presid __PUNCT__
first __PUNCT__ if you can borrow from the govern __PUNCT__ you should be subject to govern oversight and supervis __PUNCT__
secretari paulson admit thi in hi remark yesterdai __PUNCT__
the feder reserv should have basic supervisori author over ani institut to which it mai make credit avail as a lender of last resort __PUNCT__
when the fed step in __PUNCT__ it is provid lender an insur polici underwritten by the american taxpay __PUNCT__
in return __PUNCT__ taxpay have everi right to expect that these institut ar not take excess risk __PUNCT__
the natur of regul should depend on the degre and extent of the fed exposur __PUNCT__
but at the veri least __PUNCT__ these new regul should includ liquid and capit requir __PUNCT__
second __PUNCT__ there need to be gener reform of the requir to which all regul financi institut ar subject __PUNCT__
capit requir should be strengthen __PUNCT__ particularli for complex financi instrument like some of the mortgag secur that led to our current crisi __PUNCT__
we must develop and rigor manag liquid risk __PUNCT__
we must investig rate agenc and potenti conflict of interest with the peopl thei ar rate __PUNCT__
and transpar requir must demand full disclosur by financi institut to sharehold and counterparti __PUNCT__
as we reform our regulatori system at home __PUNCT__ we must work with intern arrang like the basel committe on bank supervis __PUNCT__ the intern account standard board __PUNCT__ and the financi stabil forum to address the same problem abroad __PUNCT__
the goal must be ensur that financi institut around the world ar subject to similar rule of the road __PUNCT__ both to make the system stabl __PUNCT__ and to keep our financi institut competit __PUNCT__
third __PUNCT__ we need to streamlin a framework of overlap and compet regulatori agenc __PUNCT__
reshuffl bureaucraci should not be an end in itself __PUNCT__
but the larg __PUNCT__ complex institut that domin the financi landscap do not fit into categori creat decad ago __PUNCT__
differ institut compet in multipl market __PUNCT__ our regulatori system should not pretend otherwis __PUNCT__
a streamlin system will provid better oversight __PUNCT__ and be less costli for regul institut __PUNCT__
fourth __PUNCT__ we need to regul institut for what thei do __PUNCT__ not what thei ar __PUNCT__
over the last few year __PUNCT__ commerci bank and thrift institut were subject to guidelin on subprim mortgag that did not appli to mortgag broker and compani __PUNCT__
it make no sens for the fed to tighten mortgag guidelin for bank when two __PUNCT__ third of subprim mortgag don't origin from bank __PUNCT__
thi regulatori framework ha fail to protect homeown __PUNCT__ and it is now clear that it made no sens for our financi system __PUNCT__
when it come to protect the american peopl __PUNCT__ it should make no differ what kind of institut thei ar deal with __PUNCT__
fifth __PUNCT__ we must remain vigil and crack down on trade activ that cross the line to market manipul __PUNCT__
report have circul in recent dai that some trader mai have intention spread rumor that bear stearn wa in financi distress while make market bet against the compani __PUNCT__
the sec should investig and punish thi kind of market manipul __PUNCT__ and report it conclus to congress __PUNCT__
sixth __PUNCT__ we need a process that identifi system risk to the financi system __PUNCT__
too often __PUNCT__ we deal with threat to the financi system that weren't anticip by regul __PUNCT__
that why we should creat a financi market oversight commiss __PUNCT__ which would meet regularli and provid advic to the presid __PUNCT__ congress __PUNCT__ and regul on the state of our financi market and the risk that face them __PUNCT__
these expert view could help anticip risk befor thei erupt into a crisi __PUNCT__
these six principl should guid the legal reform need to establish a __NUM__ centuri regulatori system __PUNCT__
but the chang we need goe beyond law and regul __PUNCT__ we need a shift in the cultur of our financi institut and our regulatori agenc __PUNCT__
financi institut must do a better job at manag risk __PUNCT__
there is someth wrong when board of director or senior manag don't understand the implic of the risk assum by their own institut __PUNCT__
it time to realign incent and compens packag __PUNCT__ so that both high level execut and employe better serv the interest of sharehold __PUNCT__
and it time to confront the risk that come with excess complex __PUNCT__
even the best govern regul cannot fulli substitut for intern risk manag __PUNCT__
for supervisori agenc __PUNCT__ oversight must keep pace with innov __PUNCT__
as the subprim crisi unfold __PUNCT__ tough question about new and complex financi instrument were not ask __PUNCT__
as a result __PUNCT__ the public interest wa not protect __PUNCT__
we do american busi __PUNCT__ and the american peopl __PUNCT__ no favor when we turn a blind ey to excess leverag and danger risk __PUNCT__
final __PUNCT__ the american peopl must be abl to trust that their govern is look out for all of us __PUNCT__ not just those who donat to polit campaign __PUNCT__
i fought in the senat for the most extens ethic reform sinc waterg __PUNCT__
i have refus contribut from feder lobbyist and pac __PUNCT__
and i have laid out far __PUNCT__ reach plan that i intend to sign into law as presid to bring transpar to govern __PUNCT__ and to end the revolv door between industri and the feder agenc that overse them __PUNCT__
onc we deal with the immedi crisi in hous and strengthen the regulatori system govern our financi market __PUNCT__ our final task is to restor a sens of opportun for all american __PUNCT__
the bedrock of our econom success is the american dream __PUNCT__
it a dream share in big citi and small town __PUNCT__ across race __PUNCT__ region and religion __PUNCT__ that if you work hard __PUNCT__ you can support a famili __PUNCT__ that if you get sick __PUNCT__ there will be health care you can afford __PUNCT__ that you can retir with the digniti and secur and respect that you have earn __PUNCT__ that your kid can get a good educ __PUNCT__ and young peopl can go to colleg even if thei not rich __PUNCT__
that is our common hope across thi countri __PUNCT__
that is the american dream __PUNCT__
but todai __PUNCT__ for far too mani american __PUNCT__ thi dream is slip awai __PUNCT__
wall street ha been grip by increas gloom over the last nine month __PUNCT__
but for mani american famili __PUNCT__ the economi ha effect been in recess for the past seven year __PUNCT__
we have just come through the first sustain period of econom growth sinc world war ii that wa not accompani by a growth in incom for typic famili __PUNCT__
american ar work harder for less __PUNCT__
cost ar rise __PUNCT__ and it not clear that we leav a legaci of opportun to our children and grandchildren __PUNCT__
that why __PUNCT__ throughout thi campaign __PUNCT__ i put forward a seri of propos that will foster econom growth from the bottom up __PUNCT__ and not just from the top down __PUNCT__
that why the last time i spoke on the economi here in new york __PUNCT__ i talk about the need to put the polici of georg w __PUNCT__ bush behind us __PUNCT__ polici that have essenti said to the american peopl __PUNCT__ you ar on your own __PUNCT__ becaus we need to pursu polici that onc again recogn that we ar in thi togeth __PUNCT__
thi start with provid a stimulu that will reach the most vulner american __PUNCT__ includ immedi relief to area hardest hit by the hous crisi __PUNCT__ and a signific extens of unemploy insur for those who ar out of work __PUNCT__
if we can extend a hand to bank on wall street __PUNCT__ we can extend a hand to american who ar struggl __PUNCT__
beyond these short term measur __PUNCT__ as presid i will be commit to put the american dream on a firmer foot __PUNCT__
to reward work and make retir secur __PUNCT__ we provid an incom tax cut of up to __MONEY__ for a work famili __PUNCT__ and elimin incom tax altogeth for ani retire make less than __MONEY__ per year __PUNCT__
to make health care afford for all american __PUNCT__ we cut cost and provid coverag to all who need it __PUNCT__
to put more american to work __PUNCT__ we creat million of new green job and invest in rebuild our nation infrastructur __PUNCT__
to extend opportun __PUNCT__ we invest in our school and our teacher __PUNCT__ and make colleg afford for everi american __PUNCT__
and to ensur that america stai on the cut edg __PUNCT__ we expand broadband access __PUNCT__ expand fund for basic scientif research __PUNCT__ and pass comprehens immigr reform so that we continu to attract the best and the brightest to our shore __PUNCT__
i know that make these chang won't be easi __PUNCT__
i will not pretend that thi will come without cost __PUNCT__ though i have present wai we can achiev these chang in a fiscal respons wai __PUNCT__
i know that we have to overcom our doubt and divis and the determin opposit of power special interest befor we can truli advanc opportun and prosper for all american __PUNCT__
but i would not be run for presid if i didn't think that thi wa a defin moment in our histori __PUNCT__
if we fail to overcom our divis and continu to let special interest set the agenda __PUNCT__ then america will fall behind __PUNCT__
short __PUNCT__ term gain will continu to yield long __PUNCT__ term cost __PUNCT__
opportun will slip awai on main street and prosper will suffer here on wall street __PUNCT__
but if we unit thi countri around a common purpos __PUNCT__ if we act on the respons that we have to each other and to our countri __PUNCT__ then we can launch a new era of opportun and prosper __PUNCT__
i know we can do thi becaus american have done thi befor __PUNCT__
time and again __PUNCT__ we recogn that common stake that we have in each other success __PUNCT__
that how peopl as differ as hamilton and jefferson came togeth to launch the world greatest experi in democraci __PUNCT__
that why our economi hasn't just been the world greatest wealth creator __PUNCT__ it bound america togeth __PUNCT__ it creat job __PUNCT__ and it made the dream of opportun a realiti for gener of american __PUNCT__
now it fall to us __PUNCT__
we have as our inherit the greatest economi the world ha ever known __PUNCT__
we have the respons to continu the work that began on that spring dai over two centuri ago right here in manhattan __PUNCT__ to renew our common purpos for a new centuri __PUNCT__ and to write the next chapter in the stori of america success __PUNCT__
we can do thi __PUNCT__
and we can begin thi work todai __PUNCT__
