US President Barack Obama's Inaugural Address (video & text)

My fellow citizens:

I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition.

Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents.

So it has been. So it must be with this generation of Americans.

That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet.

These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights.

Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America - they will be met.

On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord.

On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics.

We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness.

In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom.

For us, they packed up their few worldly possessions and traveled across oceans in search of a new life.

For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth.

For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn.

Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction.

This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America.

For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do.

Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.

What the cynics fail to understand is that the ground has shifted beneath them - that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government.

Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good.

As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort - even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you.

For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus - and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace.

To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist.

To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to suffering outside our borders; nor can we consume the world’s resources without regard to effect. For the world has changed, and we must change with it.

As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us today, just as the fallen heroes who lie in Arlington whisper through the ages. We honor them not only because they are guardians of our liberty, but because they embody the spirit of service; a willingness to find meaning in something greater than themselves. And yet, at this moment - a moment that will define a generation - it is precisely this spirit that must inhabit us all.

For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter’s courage to storm a stairway filled with smoke, but also a parent’s willingness to nurture a child, that finally decides our fate.

Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends - hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism - these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task.

This is the price and the promise of citizenship.

This is the source of our confidence - the knowledge that God calls on us to shape an uncertain destiny.

This is the meaning of our liberty and our creed - why men and women and children of every race and every faith can join in celebration across this magnificent mall, and why a man whose father less than sixty years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath.

So let us mark this day with remembrance, of who we are and how far we have traveled. In the year of America’s birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people:

“Let it be told to the future world…that in the depth of winter, when nothing but hope and virtue could survive…that the city and the country, alarmed at one common danger, came forth to meet [it].“

America. In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children’s children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.

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John Gokongwei's Speech in Ateneo

Because I don't feel like blogging the events that transpired in my life for the past couple of days, let me share this speech I got from a kabobo (what you call your fellow in bobongpinoy). It's kinda long but worth the read.

Speech of John Gokongwei before Ateneo Graduates

I wish I were one of you today, instead of a 77-year-old man, giving a speech you will probably forget when you wake up from your hangover tomorrow. You may be surprised I feel this way. Many of you are feeling fearful and apprehensive about your future. You are thinking that, perhaps, your Ateneo diploma will not mean a whole lot in the future in a country with too many problems. And you are probably right. You are thinking that our country is slipping - no, sliding.
Again, you may be right.

Twenty years ago, we were at par with countries like Thailand, Malaysia, and Singapore. Today, we are left way behind. You know the facts. Twenty years ago, the per capita income of the Filipino was 1,000 US dollars. Today, it's 1,100 dollars. That's a growth of only ten percent in twenty years. Meanwhile, Thailand 's per capita income today is double ours; Malaysia, triple ours; and Singapore, almost twenty times ours.

With globalization coming, you know it is even more urgent to wake up.Trade barriers are falling, which means we will have to compete harder. In the new world, entrepreneurs will be forced to invest their money where it is most efficient. And that is not necessarily in the Philippines. Even for Filipino entrepreneurs, that can be the case. For example, a Filipino brand like Maxx candy can be manufactured in Bangkok - where labor, taxes, power and financing are cheaper and more efficient - and then exported to other ASEAN countries. This will be a common scenario - if things do not change.

Pretty soon, we will become a nation that buys everything and produces practically nothing. We will be like the prodigal son who took his father's money and spent it all. The difference is that we do not have a generous father to run back to. But despite this, I am still very excited about the future. I will tell you why later.

You have been taught at the Ateneo to be "a person for others."
Of course, that is noble: To serve your countrymen.

Question is: How?

And my answer is: Be an entrepreneur!
You may think I am just a foolish man talking mundane stuff when the question before him is almost philosophical. But I am being very thoughtful here, and if I may presume this about myself, being patriotic as well.

Entrepreneurship is the answer.

We need young people who will find the idea, grab the opportunity, take risk, and set aside comfort to set up businesses that will provide jobs.

But why? What are jobs?

Jobs are what allow people to feel useful and build their self-esteem. Jobs make people productive members of the community. Jobs make people feel they are worthy citizens. And jobs make a country worthy players in the world market.

In that order of things, it is the entrepreneurs who have the power to harness the creativity and talents of others to achieve a common good. This should leave the world a better place than it was.

Let me make it clear: Job creation is a priority for any nation to move forward. For example, it is the young entrepreneurs of Malaysia, Thailand, and Singapore who created the dynamic businesses that have propelled their countries to the top. Young people like yourselves.
Meanwhile, in the Philippines, progress is slow. Very little is new. Hardly anything is fresh. With a few exceptions, the biggest companies before the war-like PLDT, Ayala, and San Miguel - are still the biggest companies today.

All right, being from the Ateneo, many of you probably have offers from these corporations already. You may even have offers from JG Summit. I say: Great! Take these offers, work as hard as you can, learn everything these companies can teach-and then leave! If you dream of creating something great, do not let a 9-to-5 job - even a high-paying one - lull you into a complacent, comfortable life. Let that high-paying job propel you toward entrepreneurship instead.

When I speak of the hardship ahead, I do not mean to be skeptical but realistic. Even you Ateneans, who are famous for your eloquence, you cannot talk your way out of this one. There is nothing to do but to deal with it.

I learned this lesson when, as a 13-year-old, I lost my dad. Before that, I was like many of you: a privileged kid. I went to Cebu's best school; lived in a big house; and got free entrance to the Vision, the largest movie house in Cebu, which my father owned.

Then my dad died, and I lost all these. My family had become poor - poor enough to split my family. My mother and five siblings moved to China where the cost of living was lower. I was placed under the care of my Grand Uncle Manuel Gotianuy, who put me through school. But just two years later, the war broke out, and even my Uncle Manuel could no longer see me through.

I was out in the streets - literally.

Looking back, this time was one of the best times of my life. We lost everything, true, but so did everybody! War was the great equalizer. In that setting, anyone who was willing to size up the situation, use his wits, and work hard, could make it! It was every man for himself, and I had to find a way to support myself and my family.I decided to be a market vendor.

Why? Because it was something that I, a 15-year-old boy in short pants, could do.

I started by selling simple products in the palengke half an hour by bike from the city. I had a bicycle. I would wake up at five in the morning, load thread, soap and candles into my bike, and rush to the palengke. I would rent a stall for one peso a day, lay out my goods on a table as big as this podium, and begin selling. I did that the whole day.

I sold about twenty pesos of goods every day. Today, twenty pesos will only allow you to send twenty text messages to y our crush, but 63 years ago, it was enough to support my family. And it left me enough to plow back into my small, but growing, business.

I was the youngest vendor in the palengke, but that didn't faze me. In fact, I rather saw it as an opportunity. Remember, that was 63 years and 100 pounds ago, so I could move faster, stay under the sun more, and keep selling longer than everyone else.

Then, when I had enough money and more confidence, I decided to travel to Manila from Cebu to sell all kinds of goods like rubber tires.

Instead of my bike, I now traveled on a batel - a boat so small that on windless days, we would just float there. On bad days, the trip could take two weeks! During one trip, our batel sank! We would have all perished in the sea were it not for my inventory of tires. The viajeros were happy because my tires saved their lives, and I was happy because the viajeros, by hanging on to them, saved my tires. On these long and lonely trips I had to entertain myself with books, like Gone With The Wind.

After the war, I had saved up 50,000 pesos. That was when you could buy a chicken for 20 centavos and a car for 2,000 pesos. I was 19 years old.

Now I had enough money to bring my family home from China. Once they were all here, they helped me expand our trading business to include imports. Remember that the war had left the Philippines with very few goods. So we imported whatever was needed and imported them from everywhere - including used clothes and textile remnants from the United States. We were probably the first ukay-ukay dealers here.

Then, when I had gained more experience and built my reputation, I borrowed money from the bank and got into manufacturing. I saw that coffee was abundant, and Nescafe of Nestle was too expensive for a country still rebuilding from the war, so my company created Blend 45.

That was our first branded hit. And from there, we had enough profits to launch Jack and Jill.

From one market stall, we are now in nine core businesses - including retail, real estate, publishing, petrochemicals, textiles, banking, food manufacturing, Cebu Pacific Air and Sun Cellular.

When we had shown success in the smaller businesses, we were able to raise money in the capital markets-through IPOs and bond offerings -- and then get into more complex, capital-intensive enterprises.We did it slow, but sure.

Success doesn't happen overnight. It's the small successes achieved day by day that build a company. So, don't be impatient or focused on immediate financial rewards. I only started flying business class when I got too fat to fit in the economy seats.

And I even wore a used overcoat while courting my wife - it came from my ukay-ukay business. Thank God Elizabeth didn't mind the mothball smell of my coat or maybe she wouldn't have married me.

Save what you earn and plow it back.

And never forget your families! Your parents denied themselves many things to send you here. They could have traveled around the world a couple of times with the money they set aside for your education, and your social life, and your comforts.

Remember them - and thank them.

When you have families of your own, you must be home with them for at least one meal everyday. I did that while I was building my company. Now, with all my six children married, I ask that we spend every Sunday lunch together, when everything under the sun is discussed. As it is with business, so it is with family. There are no short cuts for building either one. Remember, no short cuts.

Saint Ignatius of Loyola, your patron saint, and founder of this 450-year old organization I admire, described an ideal Jesuit as one who "lives with one foot raised." I believe that means someone who is always ready to respond to opportunities. Saint Ignatius knew that, to build a successful organization, he needed to recruit and educate men who were not afraid of change but were in fact excited by it. In fact, the Jesuits were one of the earliest practitioners of globalization. As early as the 16th century, upon reaching a foreign country, they compiled dictionaries in local languages, like Tamil and Vietnamese, so that they could spread their message in the local language. In a few centuries, they have been able to spread their mission in many countries through education.

The Jesuits have another quote. "Make the whole world your house" which means that the ideal Jesuit must be at home everywhere. By adapting to change, but at the same time staying true to their beliefs, the Society of Jesus has become the long-lasting and successful organization it is today and has made the world their house.

So, let's live with one foot raised in facing the next big opportunity: globalization.

Globalization can be your greatest enemy. It will be your downfall if you are too afraid and too weak to fight it out. But it can also be your biggest ally. With the Asian Free Trade agreement and tariffs near zero, your market has grown from 80 million Filipinos to half a billion Southeast Asians.

Imagine what that means to you as an entrepreneur if you are able to find a need and fill it. And imagine, too, what that will do for the economy of our country!

Yes, our government may not be perfect, and our economic environment not ideal, but true entrepreneurs will find opportunities anywhere. Look at the young Filipino entrepreneurs who made it. When I say young - and I'm 77, remember - I am talking about those in their 50s and below. Tony Tan of Jollibee, Ben Chan of Bench, Rolando Hortaleza of Splash, and Wilson Lim of Abensons. They're the guys who weren't content with the 9-to-5 job, who were willing to delay their gratification and comfort, and who created something new, something fresh. Something Filipinos are now very proud of. They all started small but now sell their hamburgers, T-shirts and cosmetics in Asia, America, and the Middle East In doing so, these young Filipino entrepreneurs created jobs while doing something they were passionate about.

Globalization is an opportunity of a lifetime - for you. And that is why I want to be out there with you instead of here behind this podium - perhaps too old and too slow to seize the opportunities you can.

Let me leave you with one last thought.
Trade barriers have fallen. The only barriers left are the barriers you have in your mind.

So, Ateneans, heed the call of entrepreneurship. With a little bit of will and a little bit of imagination, you can turn this crisis into your patriotic moment - and truly become a person for others.

"Live with one foot raised and make the world your house."

To this great University, my sincerest thanks for this singular honor conferred on me today.

To the graduates, congratulations and Godspeed.

"Ad Majorem Dei Gloriam".

Thank you.