English subtitles for clip: File:2011-12-10 President Obama's Weekly Address.ogv

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The President: Today, America faces
a make-or-break moment for the middle class.

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After the worst economic
crisis of our lifetimes,

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some still want to return to the same
policies that got us into this mess.

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They're the same policies that have
stacked the deck against working Americans

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for way too long.

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They're part of a philosophy that says

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we're better off when everyone
is left to fend for themselves

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and play by their own rules.

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But I have a different vision.

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I believe that we are greater together
than we are on our own.

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I believe that this country succeeds
when everyone gets a fair shot,

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everyone does their fair share,
and everyone engages in fair play.

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To ensure fair play,

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last year, we passed the toughest
financial reform in generations.

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See, for too long, the rules
weren't the same on Wall Street

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as they were on Main Street.

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Risky bets were made
with other people's money.

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Some folks made a lot of money
taking advantage of consumers.

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It was wrong.

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And this irresponsible behavior
on the part of some

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contributed to the worst financial crisis
since the Great Depression.

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So this financial reform
refocuses the financial sector

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on what's really important:

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getting capital to entrepreneurs
who want to grow their businesses,

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and financing to millions of families

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who want to buy a house
or send their kids to college.

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A key part of that was putting in place
the first-ever consumer watchdog --

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someone whose job it is
to protect American families

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from being taken advantage
of by mortgage lenders,

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payday lenders, and debt collectors.

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Tens of millions of Americans
use these services.

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Protecting them from unscrupulous
practices is an important job.

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And that's why I nominated Richard Cordray

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to serve as the head of
this consumer watchdog agency.

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As the former Attorney General of Ohio,

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Richard helped recover billions
of dollars on behalf of retirees

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and stood up to dishonest
lending practices.

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He has the support of most
Attorney Generals across the country,

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both Democrats and Republicans.

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Members of Congress from both parties
say he's more than qualified for the job.

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And yet on Thursday,
Republicans blocked his nomination.

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They refused to even allow it
to come up for a vote.

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That doesn't make any sense.

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Do Republicans in Congress think
our financial crisis was caused

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by too much oversight of
mortgage lenders or debt collectors?

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Of course not.

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And every day America has to wait
for a new consumer protection watchdog

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is another day that dishonest
businesses can target

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and take advantage of students,
seniors, and service members.

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So I refuse to take "no" for an answer.

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Financial institutions have
plenty of high-powered lawyers

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and lobbyists looking out for them.

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It's time consumers
had someone on their side.

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And while they're at it,

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Republicans in Congress
should stop the games

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and extend the payroll tax cut
for working Americans.

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Because if they don't,
nearly 160 million Americans

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will see their taxes go up
at the end of this month.

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Congress cannot end the year

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by taking money out of the pockets
of working Americans.

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Now is not the time for playing politics.

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Now is the time to do what's
right for the American people.

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No one should go home for the holidays

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until we get this done.

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So tell your Members of Congress,

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don't be a Grinch.

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Tell them to do the right thing
for you and for our economy.

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Thanks.