English subtitles for clip: File:2012-02-04 President Obama's Weekly Address.ogv

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The President:
Over the last couple of weeks,
I've been traveling around the

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country and talking with folks
about my blueprint for an

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economy built to last.

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It's a blueprint that focuses
on restoring the things we've

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always done best.

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Our strengths.

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American manufacturing.

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American energy.

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The skills and education
of American workers.

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And most importantly,
American values like fairness

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and responsibility.

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We know what happened when we
strayed from those values over

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the past decade -- especially
when it comes to our

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housing market.

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Lenders sold loans to families
who couldn't afford them.

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Banks packaged those mortgages
up and traded them for

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phony profits.

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It drove up prices and created
an unsustainable bubble that

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burst -- and left millions of
families who did everything

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right in a world of hurt.

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It was wrong.

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The housing crisis has been
the single biggest drag on our

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recovery from the recession.

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It has kept millions of families
in debt and unable to spend,

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and it has left hundreds of
thousands of construction

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workers out of a job.

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But there's something even
more important at stake.

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I've been saying this is a
make-or-break moment for the

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middle class.

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And the housing crisis struck
right at the heart of what it

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means to be middle-class in
this country: owning a home.

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Raising our kids.

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Building our dreams.

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Right now, there are more than
10 million homeowners in this

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country who, because of a
decline in home prices that is

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no fault of their own, owe more
on their mortgages than their

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homes are worth.

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It's wrong for anyone to
suggest that the only option for

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struggling, responsible
homeowners is to sit and wait

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for the housing
market to hit bottom.

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I don't accept that.

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None of us should.

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That's why we launched a plan a
couple years ago that's helped

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nearly one million responsible
homeowners refinance their

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mortgages and save an
average of $300 on their

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payments each month.

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I'll be the first to admit
it didn't help as many folks

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as we'd hoped.

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But that doesn't mean we
shouldn't keep trying.

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That's why I'm sending Congress
a plan that will give every

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responsible homeowner the
chance to save about $3,000

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a year on their mortgages
by refinancing at

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historically low rates.

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No more red tape.

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No more endless forms.

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And a small fee on the largest
financial institutions will make

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sure it doesn't add a
dime to the deficit.

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I want to be clear: this plan
will not help folks who bought a

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house they couldn't afford
and then walked away from it.

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It won't help folks who bought
multiple houses just to turn

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around and sell
them in speculation.

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What this plan will do is
help millions of responsible

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homeowners who make their
payments every month, but who,

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until now, couldn't refinance
because their home values kept

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dropping or they got wrapped
up in too much red tape.

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Here's the catch.

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In order to lower mortgage
payments for millions of

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Americans, we need
Congress to act.

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They're the ones who
have to pass this plan.

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And as anyone who has followed
the news in the last six months

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can tell you, getting Congress
to do anything these days is not

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an easy job.

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That's why I'm going to keep up
the pressure on Congress to do

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the right thing.

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But I also need your help.

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I need your voice.

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I need everyone who agrees with
this plan to get on the phone,

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send an email,
tweet, pay a visit,

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and remind your representatives
in Washington who they work for.

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Tell them to pass this plan.

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Tell them to help more
families keep their homes,

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and more neighborhoods
stay vibrant and whole.

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The truth is, it will take
time for our housing market

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to recover.

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It will take time for our
economy to fully bounce back.

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But there are steps we
can take, right now,

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to move this country forward.

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That's what I promise
to do as your President,

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and I hope Members of
Congress will join me.

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Thanks, and have
a great weekend.