English subtitles for clip: File:President Obama Delivers Remarks on Protecting Consumers from Abusive Payday Lending Practices.webm
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1 00:00:00,767 --> 00:00:01,497 The President: Hello, Alabama! 2 00:00:01,501 --> 00:00:06,911 (applause) 3 00:00:06,906 --> 00:00:08,906 Hello, Lawson State Community College! 4 00:00:08,908 --> 00:00:13,118 (applause) 5 00:00:13,113 --> 00:00:15,253 Well, it's good to be here. 6 00:00:15,248 --> 00:00:16,618 Thank you so much. 7 00:00:16,616 --> 00:00:17,516 Audience Member: We love you! 8 00:00:17,517 --> 00:00:18,317 The President: I love you back! 9 00:00:18,318 --> 00:00:19,048 I do! 10 00:00:19,052 --> 00:00:20,722 Thank you. 11 00:00:20,720 --> 00:00:23,220 (applause) 12 00:00:23,223 --> 00:00:24,923 Everybody, have a seat. 13 00:00:24,924 --> 00:00:25,994 Have a seat. 14 00:00:25,992 --> 00:00:30,402 I'm going to talk for a second. 15 00:00:30,397 --> 00:00:32,737 Everybody please give Ollie a big round of applause, please. 16 00:00:32,732 --> 00:00:38,542 (applause) 17 00:00:38,538 --> 00:00:42,308 I felt a little bad because Ollie said "a man who 18 00:00:42,308 --> 00:00:42,838 needs no introduction," so I started walking out. 19 00:00:42,842 --> 00:00:45,612 (laughter) 20 00:00:45,612 --> 00:00:48,252 Then it turned out she had a little introduction. 21 00:00:48,248 --> 00:00:49,648 (laughter) 22 00:00:49,649 --> 00:00:54,289 But it is wonderful to be here. 23 00:00:54,287 --> 00:00:57,757 Let me just say, first of all, thank you to Dr. Ward -- 24 00:00:57,757 --> 00:01:03,867 (applause) 25 00:01:03,863 --> 00:01:05,733 -- who is not only your president; 26 00:01:05,732 --> 00:01:08,572 we named him a White House "Champion of Change" for the 27 00:01:08,568 --> 00:01:09,698 very work he's done here at Lawson State. 28 00:01:09,702 --> 00:01:13,442 (applause) 29 00:01:13,440 --> 00:01:15,980 We've got two outstanding public servants here 30 00:01:15,975 --> 00:01:21,145 as well -- Congresswoman Terri Sewell is here. 31 00:01:21,147 --> 00:01:22,547 (applause) 32 00:01:22,549 --> 00:01:26,119 Where's Terri? 33 00:01:26,119 --> 00:01:27,389 I don't even see her. 34 00:01:27,387 --> 00:01:27,987 Audience Member: Over here! 35 00:01:27,987 --> 00:01:30,787 The President: There she is -- she's way over there. 36 00:01:30,790 --> 00:01:33,460 And your Mayor, William Bell, is in the house. 37 00:01:33,460 --> 00:01:39,600 (applause) 38 00:01:39,599 --> 00:01:45,639 So I'm here, Birmingham, to just acknowledge that I didn't have 39 00:01:45,638 --> 00:01:47,538 UAB making it out of the first round. 40 00:01:47,540 --> 00:01:53,210 (laughter) 41 00:01:53,213 --> 00:01:55,483 The President: My bracket is so busted. 42 00:01:55,482 --> 00:01:56,952 (laughter) 43 00:01:56,950 --> 00:01:59,750 But, UAB, that's a great accomplishment. 44 00:01:59,752 --> 00:02:01,222 I want to congratulate them. 45 00:02:01,221 --> 00:02:06,191 (applause) 46 00:02:06,192 --> 00:02:10,732 It's also great to be with students like those here at 47 00:02:10,730 --> 00:02:12,730 Lawson State, at community colleges. 48 00:02:12,732 --> 00:02:13,732 (applause) 49 00:02:13,733 --> 00:02:14,733 I'm proud of all of you. 50 00:02:14,734 --> 00:02:18,674 I'm proud of you making this investment in yourselves. 51 00:02:18,671 --> 00:02:21,511 What you're doing takes effort and persistence. 52 00:02:21,508 --> 00:02:26,308 And it takes faith in the idea that no matter how you started, 53 00:02:26,312 --> 00:02:30,452 no matter where you come from, no matter what zip code you were 54 00:02:30,450 --> 00:02:34,490 born in, in America if you work hard you can get ahead. 55 00:02:34,487 --> 00:02:40,157 (applause) 56 00:02:40,159 --> 00:02:43,459 I think it was yesterday I saw a story where 57 00:02:43,463 --> 00:02:46,503 someone said that a visit from the President is a "potential 58 00:02:46,499 --> 00:02:49,699 game-changer" for the neighborhood. 59 00:02:49,702 --> 00:02:53,502 I don't know if just one visit is a game-changer, 60 00:02:53,506 --> 00:02:57,946 but it's nice to be with you. 61 00:02:57,944 --> 00:03:03,314 The real game-changers for any neighborhood, for any community, 62 00:03:03,316 --> 00:03:07,386 are the people there, the folks who, day in, day out, 63 00:03:07,387 --> 00:03:12,757 are doing the work, and raising families and participating in 64 00:03:12,759 --> 00:03:17,699 the community, and through their churches and faith institutions 65 00:03:17,697 --> 00:03:22,607 are trying to provide that optimism and that lift. 66 00:03:22,602 --> 00:03:24,602 And the young people who are here, 67 00:03:24,604 --> 00:03:25,574 you're the game-changers -- 68 00:03:25,572 --> 00:03:27,572 -- because what 69 00:03:27,574 --> 00:03:30,444 you're studying and your ability to then apply that learning, 70 00:03:30,443 --> 00:03:33,083 that's going to make a difference. 71 00:03:33,079 --> 00:03:35,149 The love we put into our families and our communities 72 00:03:35,148 --> 00:03:38,048 every day, and embracing the joys of citizenship and 73 00:03:38,051 --> 00:03:40,951 participation -- that's what is a game-changer. 74 00:03:40,954 --> 00:03:42,454 That's what makes a difference. 75 00:03:42,455 --> 00:03:44,495 Now, I won't deny I can help a little bit. 76 00:03:44,490 --> 00:03:48,190 (applause) 77 00:03:48,194 --> 00:03:50,194 I can maybe make a little bit of difference. 78 00:03:50,196 --> 00:03:53,736 And today, I want to talk about what we can do as a country to 79 00:03:53,733 --> 00:03:55,903 reward hard work, and keep the economy growing, 80 00:03:55,902 --> 00:03:59,942 and make sure that new jobs and opportunities exist. 81 00:03:59,939 --> 00:04:04,679 The good news is, right now, we're on a 60-month streak of 82 00:04:04,677 --> 00:04:06,377 private sector job creation -- 83 00:04:06,379 --> 00:04:07,379 (applause.) 84 00:04:07,380 --> 00:04:08,380 Sixty months, 85 00:04:08,381 --> 00:04:12,651 We've created 12 million new jobs. 86 00:04:15,154 --> 00:04:18,194 Nationwide, the unemployment rate has fallen -- when I came 87 00:04:18,191 --> 00:04:20,791 into office, that first year it was 10 percent; 88 00:04:20,793 --> 00:04:22,293 now it's 5.5 percent. 89 00:04:22,295 --> 00:04:25,435 (applause) 90 00:04:27,467 --> 00:04:29,837 There are more job openings than at any time 91 00:04:29,836 --> 00:04:31,676 since 2001. 92 00:04:31,671 --> 00:04:34,711 Meanwhile, our high school graduation rate is up, 93 00:04:34,707 --> 00:04:35,707 at an all-time high. 94 00:04:35,708 --> 00:04:37,878 (applause) 95 00:04:37,877 --> 00:04:40,947 More than 16 million Americans have gained the 96 00:04:40,947 --> 00:04:43,317 security of health insurance. 97 00:04:43,316 --> 00:04:46,156 (applause) 98 00:04:46,152 --> 00:04:51,192 We're producing more energy than ever before -- oil 99 00:04:51,190 --> 00:04:56,130 and gas, but also wind power and solar power. 100 00:04:56,129 --> 00:04:58,769 Meanwhile, lower gas prices should save the typical family 101 00:04:58,765 --> 00:05:00,465 this year about $700 at the pump. 102 00:05:00,466 --> 00:05:04,266 (applause) 103 00:05:04,270 --> 00:05:07,310 And the good news is wages are even on the rise 104 00:05:07,306 --> 00:05:10,176 again, and that's going to help a lot of families. 105 00:05:10,176 --> 00:05:11,176 (applause) 106 00:05:11,177 --> 00:05:12,207 So it's been a long, hard road. 107 00:05:12,211 --> 00:05:15,751 But thanks to the hard work of the American people, 108 00:05:15,748 --> 00:05:18,148 America is coming back. 109 00:05:18,151 --> 00:05:22,021 So the question now is, where do we go from here? 110 00:05:22,021 --> 00:05:26,791 Do we accept an economy where just a few people do really, 111 00:05:26,793 --> 00:05:28,693 really well? 112 00:05:28,695 --> 00:05:31,295 Or are we going to keep building an economy that generates 113 00:05:31,297 --> 00:05:33,767 opportunity for everybody who's willing to work? 114 00:05:33,766 --> 00:05:35,466 (applause) 115 00:05:35,468 --> 00:05:41,108 And what I believe is, is that America does best when the 116 00:05:41,107 --> 00:05:45,747 middle class does better, and when ordinary folks who maybe 117 00:05:45,745 --> 00:05:48,145 were born into poverty are able to climb their way into the 118 00:05:48,147 --> 00:05:50,387 middle class, that's good for everybody. 119 00:05:50,383 --> 00:05:53,623 The economy grows best not from the top down, 120 00:05:53,619 --> 00:05:55,619 but from the bottom up and from the middle out. 121 00:05:55,621 --> 00:05:57,721 (applause) 122 00:05:57,724 --> 00:06:00,424 So what we've been pushing is what I call middle-class 123 00:06:00,426 --> 00:06:04,796 economics -- the idea that the country does best when everybody 124 00:06:04,797 --> 00:06:07,097 has got a fair shot, everybody is doing their fair share, 125 00:06:07,100 --> 00:06:11,300 everybody is playing by the same rules. 126 00:06:11,304 --> 00:06:14,044 And we want not only everybody to share in America's success 127 00:06:14,040 --> 00:06:19,380 but contribute to it, because we know that if you field the team 128 00:06:19,378 --> 00:06:22,078 and only half the folks get to play, 129 00:06:22,081 --> 00:06:24,081 that team will be less successful. 130 00:06:24,083 --> 00:06:27,453 If everybody is playing a part, that team is going to be 131 00:06:27,453 --> 00:06:29,923 more successful. 132 00:06:29,922 --> 00:06:32,922 So what does middle-class economics mean in this 133 00:06:32,925 --> 00:06:34,425 new economy? 134 00:06:34,427 --> 00:06:38,627 It means that every American has to have the tools to get ahead 135 00:06:38,631 --> 00:06:42,001 in a fast-paced, constantly changing global economy. 136 00:06:42,001 --> 00:06:47,811 That means that we've got to make sure that working families 137 00:06:47,807 --> 00:06:52,577 feel more secure, that their paychecks can go a little 138 00:06:52,578 --> 00:06:56,788 farther, that they're getting things like paid leave and child 139 00:06:56,783 --> 00:07:02,153 care not as luxuries but because they help support families, 140 00:07:02,155 --> 00:07:04,925 that we treat those things as priorities for working moms and 141 00:07:04,924 --> 00:07:07,594 working dads. 142 00:07:07,593 --> 00:07:09,693 It's time to follow the example of states and cities and 143 00:07:09,695 --> 00:07:12,035 companies that are raising America's minimum wage. 144 00:07:12,031 --> 00:07:13,201 That will make a difference. 145 00:07:13,199 --> 00:07:17,199 (applause) 146 00:07:17,203 --> 00:07:19,943 It means preparing Americans to earn good jobs and 147 00:07:19,939 --> 00:07:23,279 higher wages, which means every child getting a great education 148 00:07:23,276 --> 00:07:24,406 at the earliest age. 149 00:07:24,410 --> 00:07:25,680 (applause) 150 00:07:25,678 --> 00:07:29,148 Making college more affordable so young people can 151 00:07:29,148 --> 00:07:30,888 afford to go to college without getting burdened with debt. 152 00:07:30,883 --> 00:07:33,253 (applause) 153 00:07:33,252 --> 00:07:37,522 It means working with businesses to provide apprenticeships and 154 00:07:37,523 --> 00:07:40,763 on-the-job training and other paths into the middle class. 155 00:07:40,760 --> 00:07:43,300 And I want to bring down the cost of community college 156 00:07:43,296 --> 00:07:44,126 to zero. 157 00:07:44,130 --> 00:07:49,570 (applause) 158 00:07:49,569 --> 00:07:51,569 Two years of community college should be as 159 00:07:51,571 --> 00:07:53,571 free and universal as high school is today. 160 00:07:53,573 --> 00:07:56,743 If we've got the best-trained workforce in the world, 161 00:07:56,742 --> 00:07:59,442 then businesses will come to Alabama. 162 00:07:59,445 --> 00:08:00,915 They'll come to Birmingham. 163 00:08:00,913 --> 00:08:03,283 They'll come to America. 164 00:08:03,282 --> 00:08:04,152 And we will succeed. 165 00:08:04,150 --> 00:08:07,990 (applause) 166 00:08:07,987 --> 00:08:10,287 Middle-class economics means building the most competitive 167 00:08:10,289 --> 00:08:15,599 economy anywhere, so we can keep churning out high-wage jobs for 168 00:08:15,595 --> 00:08:16,765 the workers to fill. 169 00:08:16,762 --> 00:08:21,072 I want to put more people back to work rebuilding our roads and 170 00:08:21,067 --> 00:08:22,437 our bridges, modern ports -- 171 00:08:22,435 --> 00:08:23,905 (applause) 172 00:08:23,903 --> 00:08:24,903 -- faster trains, 173 00:08:24,904 --> 00:08:26,604 faster Internet. 174 00:08:26,606 --> 00:08:28,576 We should invest in those things. 175 00:08:28,574 --> 00:08:32,314 They pay off many times over. 176 00:08:32,311 --> 00:08:35,081 I want to invest in basic research so that jobs and 177 00:08:35,081 --> 00:08:40,991 industries of the future take root here because we've invented 178 00:08:40,987 --> 00:08:44,927 new products and new services, and innovated. 179 00:08:44,924 --> 00:08:47,164 And we can pay for these investments without blowing up 180 00:08:47,159 --> 00:08:50,029 our deficits. 181 00:08:50,029 --> 00:08:52,669 We just need to reform our tax code so it helps middle-class 182 00:08:52,665 --> 00:08:55,805 families get ahead instead of letting folks who already got a 183 00:08:55,801 --> 00:08:56,501 lot get ahead. 184 00:08:56,502 --> 00:09:01,872 (applause) 185 00:09:01,874 --> 00:09:06,074 And I have to say, these ideas are not about ideology. 186 00:09:06,078 --> 00:09:08,248 The reason I've proposed these ideas is because we know 187 00:09:08,247 --> 00:09:11,087 they work. 188 00:09:11,083 --> 00:09:14,323 Now, let me talk about Washington for a second. 189 00:09:12,919 --> 00:09:14,919 Let me just talk about Washington for a second. 190 00:09:14,320 --> 00:09:16,720 (laughter) 191 00:09:21,794 --> 00:09:28,864 The good news is that today the House of Representatives passed 192 00:09:28,868 --> 00:09:29,468 a bill. 193 00:09:29,468 --> 00:09:33,938 (laughter) 194 00:09:33,940 --> 00:09:35,370 No, no. 195 00:09:35,374 --> 00:09:36,644 You think I'm joking. 196 00:09:36,642 --> 00:09:37,442 I'm not. 197 00:09:37,443 --> 00:09:39,183 (laughter) 198 00:09:39,178 --> 00:09:43,848 It was a bipartisan bill designed to make sure that 199 00:09:43,849 --> 00:09:49,119 doctors in our Medicare system get paid on time; 200 00:09:49,121 --> 00:09:51,521 that the Children's Health Insurance Program continues 201 00:09:51,524 --> 00:09:53,124 to work. 202 00:09:53,125 --> 00:09:55,895 I called the Speaker, John Boehner, 203 00:09:55,895 --> 00:09:59,365 and the Democratic Leader, Nancy Pelosi, and I said, 204 00:09:59,365 --> 00:10:02,605 congratulations, this is how Congress is supposed to work. 205 00:10:02,601 --> 00:10:05,141 They came together; they compromised. 206 00:10:05,137 --> 00:10:06,137 (applause) 207 00:10:06,138 --> 00:10:07,678 They had a good idea. 208 00:10:07,673 --> 00:10:10,473 They didn't get everything they wanted. 209 00:10:10,476 --> 00:10:11,446 They passed a bill. 210 00:10:11,444 --> 00:10:13,444 Now the Senate hopefully will pass the bill, 211 00:10:13,446 --> 00:10:16,316 and I'll get to sign it, and the American people will be better 212 00:10:16,315 --> 00:10:17,315 off for it. 213 00:10:17,316 --> 00:10:18,786 And I thought, this is great. 214 00:10:18,784 --> 00:10:20,254 Let's do more of this. 215 00:10:20,252 --> 00:10:21,422 (applause) 216 00:10:21,420 --> 00:10:23,190 Let's make it happen. 217 00:10:23,189 --> 00:10:27,589 So I want to give John Boehner and Nancy Pelosi credit. 218 00:10:27,593 --> 00:10:29,193 They did good work today. 219 00:10:29,195 --> 00:10:31,765 And they deserve credit, and the House of Representatives 220 00:10:31,764 --> 00:10:32,564 deserves credit for that. 221 00:10:32,565 --> 00:10:35,965 (applause) 222 00:10:35,968 --> 00:10:37,038 So that was the good news. 223 00:10:37,036 --> 00:10:40,876 (laughter) 224 00:10:40,873 --> 00:10:46,083 The bad news is the Republicans in Congress unveiled 225 00:10:46,078 --> 00:10:51,588 their budget, and it represents the opposite of middle-class 226 00:10:51,584 --> 00:10:55,724 economics, because it would hand out new tax cuts for 227 00:10:55,721 --> 00:10:59,861 millionaires and billionaires, let taxes go up for students and 228 00:10:59,859 --> 00:11:02,599 working families because it would eliminate their tax 229 00:11:02,595 --> 00:11:04,935 credits on a variety of things. 230 00:11:04,930 --> 00:11:07,430 It would cut investments in education to the lowest level 231 00:11:07,433 --> 00:11:09,673 since the year 2000. 232 00:11:09,668 --> 00:11:11,968 It would double the number of Americans without 233 00:11:11,971 --> 00:11:13,971 health insurance. 234 00:11:15,775 --> 00:11:17,845 And so you look at it and you say, 235 00:11:17,843 --> 00:11:21,943 what are you trying to solve with this budget? 236 00:11:21,947 --> 00:11:25,517 They say the reason they wanted this budget is because we've got 237 00:11:25,518 --> 00:11:28,118 to do this to eliminate deficits and debt. 238 00:11:28,120 --> 00:11:30,620 Now, keep in mind, the deficit has come down by two-thirds 239 00:11:30,623 --> 00:11:31,923 since I've been President. 240 00:11:31,924 --> 00:11:34,224 (applause) 241 00:11:34,226 --> 00:11:37,926 It's come down by two-thirds. 242 00:11:37,930 --> 00:11:40,670 And the budget I put forward would continue to keep 243 00:11:40,666 --> 00:11:42,666 deficits low. 244 00:11:43,736 --> 00:11:45,736 But let's take them at their word. 245 00:11:45,738 --> 00:11:47,738 They said they wanted to reduce the deficit. 246 00:11:47,740 --> 00:11:51,740 Before the ink was even dry on the budget that they put forward 247 00:11:51,744 --> 00:11:55,414 that was already full of tax cuts for folks at the top, 248 00:11:55,414 --> 00:11:57,784 they rolled out their next big economic plan, 249 00:11:57,783 --> 00:12:04,053 which was another huge tax cut for folks at the top. 250 00:12:04,056 --> 00:12:06,356 This one would cost $250 billion. 251 00:12:06,358 --> 00:12:12,098 It would apply only to the top one-tenth of 1 percent 252 00:12:12,098 --> 00:12:14,098 of Americans. 253 00:12:15,634 --> 00:12:21,374 In Alabama, this new tax cut they're proposing -- I've got to 254 00:12:21,373 --> 00:12:27,083 laugh because it would average $2 million per person in tax 255 00:12:27,079 --> 00:12:30,779 cuts, and it would apply to less than 50 people per year here in 256 00:12:30,783 --> 00:12:31,783 Alabama. 257 00:12:31,784 --> 00:12:37,794 The President: So 50 people would get an average tax break 258 00:12:40,192 --> 00:12:41,192 of $2 million. 259 00:12:41,193 --> 00:12:45,663 Not 50,000 people -- 50. 260 00:12:45,664 --> 00:12:46,604 Audience Member: "Fiddy." 261 00:12:46,599 --> 00:12:47,269 The President: "Fiddy." 262 00:12:47,266 --> 00:12:59,846 (laughter and applause.) 263 00:12:59,845 --> 00:13:08,655 Now, what would lead you -- when you're saying you're concerned 264 00:13:08,654 --> 00:13:13,924 about the deficit, what would lead you to put in your budget 265 00:13:13,926 --> 00:13:21,166 and then propose right after your budget something like that? 266 00:13:21,167 --> 00:13:23,367 I mean, did they look at the budget -- they already got tax 267 00:13:23,369 --> 00:13:25,369 cuts for the wealthy, for millionaires and billionaires, 268 00:13:25,371 --> 00:13:27,641 and then they say, you know what we forgot to put in here? 269 00:13:27,640 --> 00:13:31,680 Another deficit-busting tax cut for the top one-tenth of 1 270 00:13:31,677 --> 00:13:32,677 percent of Americans. 271 00:13:32,678 --> 00:13:35,378 That's what's really going to move the country forward. 272 00:13:35,381 --> 00:13:37,421 Is that what they were thinking? 273 00:13:37,416 --> 00:13:37,986 I guess. 274 00:13:37,983 --> 00:13:42,753 (laughter) 275 00:13:42,755 --> 00:13:45,355 I don't think our top economic priority should be 276 00:13:45,357 --> 00:13:49,027 helping a tiny number of Americans who are already doing 277 00:13:49,028 --> 00:13:52,898 really, really well, and then asking everybody else to foot 278 00:13:52,898 --> 00:13:53,298 the bill. 279 00:13:53,299 --> 00:13:54,269 (applause) 280 00:13:54,266 --> 00:13:56,466 And keep in mind, one of the things about being 281 00:13:56,468 --> 00:13:59,968 President, you meet people from all walks of life. 282 00:13:59,972 --> 00:14:02,142 You meet folks with very modest incomes. 283 00:14:02,141 --> 00:14:05,281 You meet the wealthiest people in the world. 284 00:14:05,277 --> 00:14:09,517 And let me just say, some of these folks at the very top, 285 00:14:09,515 --> 00:14:14,085 the top one-tenth of 1 percent, are wonderful people. 286 00:14:14,086 --> 00:14:16,086 Warren Buffet is a great friend of mine. 287 00:14:16,088 --> 00:14:17,728 They've done amazing things. 288 00:14:17,723 --> 00:14:18,723 They've invested. 289 00:14:18,724 --> 00:14:20,224 They've created businesses. 290 00:14:20,226 --> 00:14:22,666 They deserve great success. 291 00:14:22,661 --> 00:14:24,201 But they really don't need a tax cut. 292 00:14:24,196 --> 00:14:26,366 (laughter) 293 00:14:26,365 --> 00:14:31,405 And if you talk to them, they'll tell you, 294 00:14:31,403 --> 00:14:34,403 "I already got a couple planes, I already got a boat -- 295 00:14:34,406 --> 00:14:35,806 (laughter) 296 00:14:35,808 --> 00:14:38,248 -- I already got five or six houses -- I'm okay." 297 00:14:38,244 --> 00:14:42,644 (laughter) 298 00:14:42,648 --> 00:14:45,188 And the idea that you would do it at the same time as 299 00:14:45,184 --> 00:14:48,024 you're eliminating tax credits for students or working families 300 00:14:48,020 --> 00:14:50,860 -- that doesn't make sense. 301 00:14:50,856 --> 00:14:53,896 Our top priority should be helping everybody who works hard 302 00:14:53,892 --> 00:14:55,892 get ahead. 303 00:14:55,894 --> 00:14:57,894 It doesn't mean everybody is going to be equal. 304 00:14:57,896 --> 00:14:59,896 It doesn't mean that we're going to punish people who started 305 00:14:59,898 --> 00:15:01,338 businesses and taking risks. 306 00:15:01,333 --> 00:15:04,703 They should be rewarded. 307 00:15:04,703 --> 00:15:08,373 But we want to make sure everybody has a chance to do 308 00:15:08,374 --> 00:15:11,444 okay if they're working hard. 309 00:15:11,443 --> 00:15:14,243 And that brings me to one of the main reasons that I'm here in 310 00:15:14,246 --> 00:15:16,216 Birmingham today. 311 00:15:17,716 --> 00:15:23,326 One of the main ways to make sure paychecks to go farther is 312 00:15:23,322 --> 00:15:26,062 to make sure working families don't get ripped off. 313 00:15:26,058 --> 00:15:29,028 (applause) 314 00:15:29,028 --> 00:15:34,568 Right? And that's why we've taken 315 00:15:34,566 --> 00:15:35,866 action to protect Americans from 316 00:15:35,868 --> 00:15:39,438 financial advisors who don't necessarily have the interests 317 00:15:39,438 --> 00:15:41,308 of their clients at heart. 318 00:15:41,307 --> 00:15:44,647 That's why we've taken steps to protect student borrowers from 319 00:15:44,643 --> 00:15:46,483 unaffordable debt. 320 00:15:46,478 --> 00:15:50,448 We want them to know before they owe. 321 00:15:50,449 --> 00:15:53,719 It's why, five years ago, we passed historic Wall Street 322 00:15:53,719 --> 00:15:59,259 reform to end this era of "too big to fail, 323 00:15:59,258 --> 00:16:04,028 " where banks on Wall Street, some of them would make reckless 324 00:16:04,029 --> 00:16:06,169 bets, and then everybody else would have to clean up 325 00:16:06,165 --> 00:16:07,395 after them. 326 00:16:07,399 --> 00:16:10,139 And why we've been working to protect people so that they 327 00:16:10,135 --> 00:16:12,605 understand mortgages, and they don't buy homes they can't 328 00:16:12,604 --> 00:16:17,274 afford and end up in a situation not only hurting themselves, 329 00:16:17,276 --> 00:16:20,576 but hurting the financial system. 330 00:16:20,579 --> 00:16:22,579 And that's why, as part of this reform, 331 00:16:22,581 --> 00:16:25,921 we created an independent consumer watchdog with just one 332 00:16:25,918 --> 00:16:27,918 mission, and that is to look out for all of you. 333 00:16:27,920 --> 00:16:31,320 And it's called the Consumer Financial Protection Bureau -- 334 00:16:31,323 --> 00:16:33,393 or CFPB. 335 00:16:33,392 --> 00:16:34,522 (applause) 336 00:16:34,526 --> 00:16:38,366 Now, these folks -- the CFPB, 337 00:16:38,364 --> 00:16:40,364 it hasn't been around a long time, 338 00:16:40,366 --> 00:16:42,666 but because of the work they've done -- it's not a big agency, 339 00:16:42,668 --> 00:16:46,908 but they've already put over $5 billion back into the pockets of 340 00:16:46,905 --> 00:16:48,905 more than 15 million families. 341 00:16:48,907 --> 00:16:49,777 (applause) 342 00:16:49,775 --> 00:16:52,615 Because they've taken on unfair lending practices and 343 00:16:52,611 --> 00:16:55,311 unscrupulous mortgage brokers. 344 00:16:55,314 --> 00:16:57,314 And they've gotten refunds for folks, 345 00:16:57,316 --> 00:17:01,886 and are working with state and local officials to make sure 346 00:17:01,887 --> 00:17:06,257 that people are protected when it comes to their finances. 347 00:17:06,258 --> 00:17:09,458 Because if you work hard, you shouldn't be taken advantage of. 348 00:17:09,461 --> 00:17:11,731 (applause) 349 00:17:11,730 --> 00:17:18,140 And today, they're taking new steps towards cracking down on 350 00:17:18,137 --> 00:17:22,437 some of the most abusive practices involving payday loans 351 00:17:22,441 --> 00:17:23,441 and title loans. 352 00:17:23,442 --> 00:17:24,442 (applause) 353 00:17:24,443 --> 00:17:30,453 Now, Ollie was talking about this in a very personal way. 354 00:17:32,985 --> 00:17:36,555 I want to just break this down for folks. 355 00:17:36,555 --> 00:17:39,395 Every year, millions of Americans take out these payday 356 00:17:39,391 --> 00:17:43,661 loans -- here in Alabama, there are four times as many payday 357 00:17:43,662 --> 00:17:45,732 lending stores as there are McDonald's. 358 00:17:48,834 --> 00:17:49,834 Think about that. 359 00:17:49,835 --> 00:17:52,575 Because there are a lot of McDonald's. 360 00:17:52,571 --> 00:17:54,911 (laughter) 361 00:17:54,907 --> 00:17:58,907 There are four times as many payday loan operations 362 00:17:58,911 --> 00:18:02,251 here in Alabama as there are McDonald's. 363 00:18:02,247 --> 00:18:06,557 Now, what they'll say, the folks who run these things -- in 364 00:18:06,552 --> 00:18:10,652 theory, what they'll say is these loans help you deal with a 365 00:18:10,656 --> 00:18:12,226 one-time expense. 366 00:18:12,224 --> 00:18:16,564 So your car breaks down, you got to get to work; you go there, 367 00:18:16,562 --> 00:18:19,002 cash a check real quick, or get a quick loan, 368 00:18:21,066 --> 00:18:23,306 and then that's the end of it. 369 00:18:23,302 --> 00:18:26,172 In reality, most payday loans aren't taken out for 370 00:18:26,171 --> 00:18:27,941 one-time expenses. 371 00:18:27,940 --> 00:18:33,350 They're taken out to pay for previous loans. 372 00:18:33,345 --> 00:18:35,645 You borrow money to pay for the money you already borrowed. 373 00:18:38,951 --> 00:18:40,951 As Ollie will tell you, before you know it, 374 00:18:40,953 --> 00:18:42,953 you find yourselves trapped in a cycle of debt. 375 00:18:42,955 --> 00:18:45,995 At first it seems like easy money. 376 00:18:45,991 --> 00:18:50,031 But the average borrower ends up spending about 200 days out of 377 00:18:50,028 --> 00:18:51,798 the year in debt. 378 00:18:51,797 --> 00:18:56,707 You take out a $500 loan at the rates that they're charging in 379 00:18:56,702 --> 00:19:02,242 these payday loans -- some cases 450 percent interest -- you wind 380 00:19:02,241 --> 00:19:07,041 up paying more than $1,000 in interest and fees on the $500 381 00:19:07,045 --> 00:19:09,845 that you borrowed. 382 00:19:09,848 --> 00:19:11,918 We were hearing a story from some of the advocates who were 383 00:19:11,917 --> 00:19:17,457 working here in Alabama, a story about a family -- the 384 00:19:17,456 --> 00:19:19,626 grandmother died, matriarch of the family. 385 00:19:19,625 --> 00:19:20,955 She passed away. 386 00:19:20,959 --> 00:19:24,199 They don't have quite enough to pay for the funeral. 387 00:19:24,196 --> 00:19:29,136 They go to a payday loan, borrow for the funeral; 388 00:19:29,134 --> 00:19:32,704 can't pay back the loan in time; the family's car gets 389 00:19:32,704 --> 00:19:33,704 taken away. 390 00:19:33,705 --> 00:19:37,705 And the two folks who are the breadwinners in that family lose 391 00:19:37,709 --> 00:19:39,709 their jobs because they can't get 392 00:19:39,711 --> 00:19:40,711 to work. Right? 393 00:19:40,712 --> 00:19:45,422 So what started off as a short-term emergency suddenly 394 00:19:45,417 --> 00:19:49,617 becomes a catastrophic financial situation for that family. 395 00:19:52,391 --> 00:19:54,791 And you don't need to be a math genius to know that it's a 396 00:19:54,793 --> 00:19:57,693 pretty bad deal if you're borrowing $500 and you have to 397 00:19:57,696 --> 00:20:00,766 pay back $1,000 in interest. 398 00:20:00,766 --> 00:20:03,906 So I just met with faith leaders and consumer advocates and civil 399 00:20:03,902 --> 00:20:06,572 rights leaders here in Alabama who are coming together to 400 00:20:06,572 --> 00:20:08,202 change that. 401 00:20:08,206 --> 00:20:13,916 And I want to say that this is a bipartisan effort. 402 00:20:13,912 --> 00:20:17,012 You've got some very conservative folks here in 403 00:20:17,015 --> 00:20:19,585 Alabama who recognize -- they're reading their Bible, 404 00:20:19,585 --> 00:20:21,215 they're saying, well, that ain't right. 405 00:20:21,219 --> 00:20:23,689 (Laughter and applause.) 406 00:20:23,689 --> 00:20:25,759 Right? I mean, 407 00:20:25,757 --> 00:20:33,967 they're saying the Bible is not wild about somebody 408 00:20:33,966 --> 00:20:39,876 charging $1,000 worth of interest on a $500 loan. 409 00:20:39,871 --> 00:20:43,071 Because it feels like you're taking advantage of somebody. 410 00:20:43,075 --> 00:20:46,145 If you're lending to somebody, knowing they can't pay you back, 411 00:20:46,144 --> 00:20:50,314 and you're going to put them on the hook and just squeeze them 412 00:20:50,315 --> 00:20:52,655 harder and harder and harder and take more and more money out of 413 00:20:52,651 --> 00:20:56,851 them, you're taking advantage of them. 414 00:20:56,855 --> 00:20:59,195 And so I'm very proud of the bipartisan effort here in 415 00:20:59,191 --> 00:21:02,791 Alabama to try to change this. 416 00:21:02,794 --> 00:21:05,894 But I want everybody to know they're not going to have to 417 00:21:05,897 --> 00:21:07,267 fight alone. 418 00:21:07,265 --> 00:21:12,005 Because at the federal level, the Consumer Finance Protection 419 00:21:12,004 --> 00:21:15,504 Bureau, the CFPB, announced today that it's going to take 420 00:21:15,507 --> 00:21:18,577 important steps towards protecting consumers from 421 00:21:18,577 --> 00:21:20,977 getting stuck into these cycles of debt. 422 00:21:20,979 --> 00:21:21,579 (applause) 423 00:21:21,580 --> 00:21:28,950 And the idea is pretty common sense: If you lend out money, 424 00:21:28,954 --> 00:21:31,694 you have to first make sure that the borrower can afford to pay 425 00:21:31,690 --> 00:21:33,160 it back. 426 00:21:33,158 --> 00:21:35,358 Don't lend somebody money if you know they can't pay it back. 427 00:21:37,629 --> 00:21:43,939 As Americans, we don't mind seeing folks make a profit. 428 00:21:43,935 --> 00:21:48,275 And if somebody lends you money, then we expect you to charge 429 00:21:48,273 --> 00:21:51,713 interest on that loan. 430 00:21:51,710 --> 00:21:54,050 But if you're making that profit by trapping hardworking 431 00:21:54,046 --> 00:21:57,416 Americans into a vicious cycle of debt, 432 00:21:57,416 --> 00:21:59,386 you got to find a new business model. 433 00:21:59,384 --> 00:22:01,384 You got to find a new way of doing business. 434 00:22:01,386 --> 00:22:04,386 (applause) 435 00:22:04,389 --> 00:22:09,699 So this is just one more way that America's new consumer 436 00:22:09,695 --> 00:22:14,535 watchdog is making sure more of your paycheck stays in 437 00:22:14,533 --> 00:22:15,603 your pocket. 438 00:22:15,600 --> 00:22:19,910 And in the meantime, we're also going to be working to educate 439 00:22:19,905 --> 00:22:24,875 folks on how to think about their money. 440 00:22:24,876 --> 00:22:30,216 We were talking to Dr. Ward, and through the community college 441 00:22:30,215 --> 00:22:35,685 process, through consumer advocates at the local level, 442 00:22:35,687 --> 00:22:40,827 in the high schools, we need to be teaching young people the 443 00:22:40,826 --> 00:22:43,196 dangers of taking out too much consumer debt. 444 00:22:43,195 --> 00:22:44,195 (applause) 445 00:22:44,196 --> 00:22:50,366 And this is one more way that Wall Street reform -- what we 446 00:22:50,368 --> 00:22:54,108 passed five years ago -- is protecting working families 447 00:22:54,106 --> 00:22:55,606 and taxpayers. 448 00:22:55,607 --> 00:22:58,647 And that strengthens the economy. 449 00:22:58,643 --> 00:23:00,643 And that's one more reason why it makes no sense that the 450 00:23:00,645 --> 00:23:04,385 Republican budget would make it harder for the CFPB to do its 451 00:23:04,382 --> 00:23:09,352 job, and would allow Wall Street to go back to the kind of 452 00:23:09,354 --> 00:23:13,124 recklessness that led to the crisis in the first place, 453 00:23:13,125 --> 00:23:18,795 and would allow these kinds of lenders who are not doing the 454 00:23:18,797 --> 00:23:22,897 right thing to keep at it. 455 00:23:22,901 --> 00:23:25,441 I have to be clear: If Republicans in Congress send me 456 00:23:25,437 --> 00:23:30,147 a bill that unravels the reforms we've put in place, 457 00:23:30,142 --> 00:23:33,342 if they send me a bill that unravels Wall Street reform, 458 00:23:33,345 --> 00:23:34,745 I will veto it. 459 00:23:34,746 --> 00:23:35,886 (applause) 460 00:23:35,881 --> 00:23:42,251 And this is not about politics. 461 00:23:42,254 --> 00:23:45,954 It's about basic values of honesty and fair play. 462 00:23:45,957 --> 00:23:48,127 It's about the basic bargain that says, here in America, 463 00:23:48,126 --> 00:23:51,296 hard work should pay off, responsibility should 464 00:23:51,296 --> 00:23:53,266 be rewarded. 465 00:23:55,233 --> 00:23:58,673 One of the people who I met with was Reverend Shannon Webster of 466 00:23:58,670 --> 00:24:00,670 Birmingham's First Presbyterian Church. 467 00:24:00,672 --> 00:24:03,842 Where's the pastor? 468 00:24:03,842 --> 00:24:04,842 He's here somewhere. 469 00:24:04,843 --> 00:24:06,543 There he is, in the back. 470 00:24:06,545 --> 00:24:08,345 Stand up so everybody can see you. 471 00:24:08,346 --> 00:24:13,386 (applause) 472 00:24:13,385 --> 00:24:17,085 So Pastor Webster is one of the pastors leading the 473 00:24:17,088 --> 00:24:19,658 effort to protect consumers here in Alabama. 474 00:24:19,658 --> 00:24:21,828 And at a public hearing a few years ago, 475 00:24:21,827 --> 00:24:25,897 he explained why he decided to work on this issue: "When our 476 00:24:25,897 --> 00:24:29,167 people are trapped in debt," he said, "they cannot escape, 477 00:24:29,167 --> 00:24:31,437 and we're all hurt." 478 00:24:31,436 --> 00:24:33,376 We're all hurt. 479 00:24:33,371 --> 00:24:36,111 And that's a simple statement, but it captures so much of what 480 00:24:36,107 --> 00:24:38,747 it means to be an American. 481 00:24:38,743 --> 00:24:41,183 We are a nation of rugged individuals. 482 00:24:41,179 --> 00:24:44,519 We don't expect folks to give us a handout. 483 00:24:44,516 --> 00:24:46,356 We expect people to work hard. 484 00:24:46,351 --> 00:24:49,021 We expect that hard work to be rewarded. 485 00:24:49,020 --> 00:24:51,360 If you're out there and you're working hard and starting a 486 00:24:51,356 --> 00:24:53,356 business, and doing the right thing and looking after your 487 00:24:53,358 --> 00:24:56,328 family, and not spending beyond yours means, 488 00:24:58,530 --> 00:25:04,070 folks like that shouldn't be punished or expected to pay for 489 00:25:04,069 --> 00:25:05,069 everybody else. 490 00:25:05,070 --> 00:25:09,010 We expect everybody to be responsible. 491 00:25:09,007 --> 00:25:12,977 But we're also our brother's keeper. 492 00:25:12,978 --> 00:25:14,208 We're also our sister's keeper. 493 00:25:14,212 --> 00:25:15,482 (applause) 494 00:25:15,480 --> 00:25:20,250 We're also a country that was built on the idea that 495 00:25:20,252 --> 00:25:24,752 everybody gets a fair shot and that we put laws in place to 496 00:25:24,756 --> 00:25:27,526 make sure that folks aren't taken advantage of. 497 00:25:30,829 --> 00:25:34,069 When this country does not live up to its promise of fairness 498 00:25:34,065 --> 00:25:37,305 and opportunity for all people, we're all hurt. 499 00:25:37,302 --> 00:25:38,502 (applause) 500 00:25:38,503 --> 00:25:40,803 When we do live up to those promises, 501 00:25:40,805 --> 00:25:43,605 all of us are better off. 502 00:25:43,608 --> 00:25:46,448 Back in 2008, I came to Birmingham as a candidate for 503 00:25:46,444 --> 00:25:51,914 this office, and I said, "There is nothing we cannot do if the 504 00:25:51,917 --> 00:25:54,887 American people decide it's time." 505 00:25:54,886 --> 00:25:57,486 Seven years later, I still believe there is nothing we 506 00:25:57,489 --> 00:26:01,159 cannot do if we decide it is time. 507 00:26:01,159 --> 00:26:02,129 (applause) 508 00:26:02,127 --> 00:26:04,127 We're all in this thing together, Alabama. 509 00:26:04,129 --> 00:26:06,969 We've been through some tough times together, 510 00:26:06,965 --> 00:26:08,705 but we're coming back together. 511 00:26:08,700 --> 00:26:13,810 If we decide this is our time, then together we're going to 512 00:26:13,805 --> 00:26:18,075 write the next great chapter in this country's history. 513 00:26:18,076 --> 00:26:20,916 We're going to do it not just because I came to town, 514 00:26:20,912 --> 00:26:23,312 but because of the wonderful people in this town who are 515 00:26:23,315 --> 00:26:24,315 already making it happen. 516 00:26:24,316 --> 00:26:25,646 Thank you, Alabama. 517 00:26:25,650 --> 00:26:26,790 (applause) 518 00:26:26,718 --> 00:26:27,848 God bless the United States of America. 519 00:26:26,785 --> 00:26:27,855 God bless you.