One of the things you discover about being president is that there are all these rules and norms and laws and you got to pay attention to them.

Did I recognize that there was anger or frustration in the American population? Of course I did. First of all, we had to fight back from the worst recession since the Great Depression, and I can guarantee you if your housing values have crashed and you've lost most of your pension and you've lost your job, you're going to be pretty angry.

What we can do is to shape how that process of global integration proceeds, so that it's increasing opportunity for ordinary people, so that it's creating better jobs, so that we are strengthening protections for workers, so that we are addressing some of the environmental challenges that come with rapid growth.

Tonight, more Americans are out of work and more are working harder for less. More of you have lost your homes and even more are watching your home values plummet. More of you have cars you can't afford to drive, credit card bills you can't afford to pay, and tuition that's beyond your reach.

Our friends at the Republican convention were more than happy to talk about everything they think is wrong with America, but they didn't have much to say about how they'd make it right. They want your vote, but they don't want you to know their plan.

There is no doubt that thanks to the steps that we took early on to rescue our economy and to rebuild it on a new foundation, we are entering into the new year with new confidence that America is coming back.

No other country in the world does what we do. On every issue, the world turns to us, not simply because of the size of our economy or our military might - but because of the ideals we stand for, and the burdens we bear to advance them.