Transcript for Obama Invokes Theodore Roosevelt's Legacy
The -- last century. We're a nation of farmers was transitioning to become the world's industrial giant. We had to decide. -- we settle for a country where most of the new railroads factories were being controlled by a few giant monopolies that kept prices high and wages low. We feel our citizens and even our children to work ungodly hours and conditions that were on -- And unsanitary. -- we respect education for the privilege you. Because there -- people who -- Massive inequality. And exploitation. Of people was just -- price you -- for progress. Theodore Roosevelt disagreed. He was the Republican son of of a wealthy fair. He braves what the titans of industry had done. To create jobs and grow the economy. He believed then what we know it's true -- that. That the free market is the greatest force for economic progress and human has. It's led to a prosperity in the standard of living. Unmatched by the rest of the world. But Roosevelt also -- That the free market has never been eight -- license to take whatever you can from -- ever you -- He understood the free market only works when there -- rules of the road. That insure. Competition is fair and open on -- And so we -- -- monopolies. Forcing those companies to compete for consumers with better services and better prices. And today they still months. People ought to make sure businesses could profit by exploiting children or selling motor medicine -- -- night. And today they still can't. In the 91910. Teddy Roosevelt came here. To also -- And he laid out his vision. For what he called a new nationalist. Our country he said. Means nothing unless it means the triumph of a real democracy. Of an economic system under which each man shall be -- the opportunity to show. The best that there is in him. After -- Roosevelt was called -- radical. -- all the socialist. -- a Communist. But today we are -- nation -- stronger democracy because of what he -- -- in his last campaign. -- an eight hour work day. And minimum wage for women. Insurance. For the unemployed. For the elderly and those with the -- Political reform. And a progressive income tax.
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