Freedom is not our gift to the world it is God's gift to humanity.

The economy is growing, productivity is high, trade is up, people are working. It's not as good as we'd like, but -- and to the extent that we find weakness, we'll move.

Terrorists like bin Laden are serious about mass murder - and all of us must take their declared intentions seriously. They seek to impose a heartless system of totalitarian control throughout the Middle East, and arm themselves with weapons of mass murder. . . . Their aim is to seize power in Iraq, and use it as a safe haven to launch attacks against America and the world.

I was popular at some times and not so popular at other times. But what mattered was trying to solve problems and deal with circumstances. Some of which I was able to anticipate. Some of which caught us totally by surprise.

I worry about a culture that devalues life and believe as your president I have an important obligation to foster and encourage respect for life in America and throughout the world.

You subscribe politics to it. I subscribe freedom to it.

To those of you who received honours, awards and distinctions, I say, well done. And to the C students, I say, you too can be president of the United States.