Well, Republicans have a convenient sound bite for next year's election against President Obama. 
 
 The president said yesterday that the American people are not better off than they were four years ago -- the test Ronald Reagan famously used to defeat incumbent Jimmy Carter in the 1980 presidential election. 
 
 Obama, however, said the reason is the financial meltdown that happened before he took office. 
 
 "They're not better off than they were before Lehman collapsed, before the financial crisis, before this extraordinary recession that we're going through," Obama said. 
 
 The president added that "we've been able to make steady progress to stabilize the economy," but he added that "the unemployment rate is still way too high" -- and that's why he regards himself as the underdog in the 2012 race. 
 
 "I'm used to being an underdog," Obama said. "I think that, at the end of the day, though, what people are going to say is, who's got a vision for the future that can actually help ordinary families recapture that American dream?" 
 
 The Republican Party and other conservative groups quickly distributed Obama's statement that Americans aren't better off than they were four years ago. 
 
 Of course, the election is still 13 months away -- who knows how better off Americans will be a year from now? 
 
 The comment came in an exchange between Obama and George Stephanopoulos of ABC News, who cited "a lot of anger" out in the country: ||||| (bwhite@politico.com; @morningmoneyben) 
 
 
 
 EXCLUSIVE: ABA’S KEATING RIPS OBAMA - American Bankers Association President Frank Keating, responding to President Obama’s comments to ABC News criticizing Bank of America’s new $5 per month debit card usage fee: “It’s disappointing and puzzling that the President would attack a private corporation for responding to government price fixing that has fundamentally altered the economics of offering a debit card. As a direct result of the Durbin Amendment, consumers have started paying for financial services they previously enjoyed free of charge. Unfortunately, this proves that whenever government tries to control pricing of a product or service, consumers lose.” 
 
 
 
 OBAMA ON BANK OF AMERICA - From the ABC interview: “This is exactly why we need this Consumer Finance Protection Bureau that we set up that is ready to go ... This is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening. ... You can stop it because if you say to the banks, ‘You don't have some inherent right just to – you know, get a certain amount of profit. If your customers – are being mistreated. That you have to treat them fairly and transparently.” Video: http://abcn.ws/oeQEns Transcript: http://abcn.ws/r4su3F 
 
 
 
 INDUSTRY REACTS - The remarks from the President generated serious consternation from the financial industry and lit up M.M.’s email box. Was the President saying the federal government gets to decide what kind of profits are okay and which are too big? You can certainly make the case that the $5 fee is “mistreating” customers. ... But it’s nothing if not totally transparent. And there are still plenty of banks to which customers can transfer their money if they want out. The comments re-awakened the argument that Obama is inherently “anti-business” and hostile to the profit motive. From a top financial industry source on the ABC interview: “It's like he's channeling his inner Hugo Chavez.” 
 
 
 
 DURBIN SAVAGES BofA - From Sen. Dick Durbin’s floor statement: “What I have said in the media and I'll say here is, Bank of America customers, vote with your feet. Get the heck out of that bank. Find yourself a bank or credit union that won't gouge you for $5 a month and still will give you a debit card that you can use every single day. What Bank of America has done is an outrage ... 
 
 
 
 “It is particularly hard to believe this fee would come from a bank with a track record like Bank of America. After helping to drive our economy off the cliff's edge in 2008, Bank of America was happy to accept a $45 billion federal bailout for their stupidity, their greed, and their stupidity and it was just as happy to take that money and hand out $3.3 billion in employee bonuses in the same year 2008.” Durbin letter to BofA CEO Brian Moynihan: http://politi.co/mXz2tc 
 
 
 
 BofA RESPONSE - From spokesman Lawrence Di Rita: “Most of the major banks in the United States are moving toward assigning a charge for debit card use. ... New regulations on debit card interchange fees - which provide no apparent benefit to consumers - will further reduce revenue by additional billions of dollars. Our new fee structure will restore a portion of that lost revenue through clear and transparent pricing, and help us to continue providing secure and efficient methods of payment for our customers” 
 
 
 
 STOCKS KEEP TANKING - Reuters/Tokyo: “Global stocks fell to a 15-month low on Tuesday, pinning Asian stocks near a 16-month low, as investors shed riskier assets on growing doubts over Greece's ability to avoid default, fuelling fears of global financial turmoil and recession. 
 
 
 
 “Fears over the banking sector's exposure to euro zone sovereign debt and plummeting value of assets across the board further led to a sharp widening of credit default swaps. ... The Korea Exchange temporarily suspended programme sales on the main Korea Composite Stock Price Index ... in early trade on Tuesday due to drastic falls in futures as the broader market tumbled more than 5 percent.” http://reut.rs/rgYSYl 
 
 
 
 HANDICAPPING CHINA CURRENCY BILL - Scott Paul of the Alliance for American Manufacturing emailed M.M. following the 79-19 Senate vote to proceed on the currency manipulation bill: “It's a pretty strong signal that this thing will cruise through Senate. Next up: Look for some nervous House Republicans from industrial states (think swing districts in IL, upstate NY, and places in between) to start pressuring their leadership on this. [Mitt] Romney talking it up on campaign trail gives the leadership plenty of cover, especially if Treasury punts again on October report on currency, as I expect they will.” http://bit.ly/qEYaoz 
 
 
 
 TRADE DEAL TALKING POINTS - Expect the White House to make the following arguments to wary Democrats today after submitting the South Korea, Columbia and Panama trade deals to Congress for final approval “These trade agreements will create jobs and grow the economy by leveling the playing field for American businesses ... If Americans can buy Kias and Hyundais, we should see South Koreans driving Chevys and Chryslers ... 
 
 
 
 “These agreements - which will create tens of thousands of new American jobs and expand our goods and exports alone by over $13 billion dollars - have broad, bipartisan support in Congress. ... In addition, the Korea agreement has been endorsed by both the Chamber of Commerce and the UAW -- two organizations that usually don’t see eye to eye. 
 
 
 
 GOOD TUESDAY MORNING - M.M. used to enjoy the ridiculously stupid Hank Williams Jr. “Are You Ready for Some Football?” song just for the sheer campiness factor. Not anymore. Williams’ comments on FOX were beneath contempt. Don’t believe me? Watch it for yourself. http://huff.to/oMBLU8 
 
 
 
 YANKEES ON THE BRINK - Hard to believe the season has come down to one A.J. Burnett start. But so it is after the Tigers and Justin Verlander (with help from a Delmon Young homerun) took Game 3, 5-4. http://nyp.st/qQqSaX 
 
 
 
 ** A message from the Investment Company Institute: Money market funds work for the economy and for all Americans. Their $2.6 trillion provides vital funding for jobs, communities, and consumers. Groups representing investors, businesses, state and local governments, and nonprofits agree: Preserve the key features of money market funds. Visit www.preservemoneymarketfunds.org. ** 
 
 
 
 TWEET OF THE NIGHT - NYT’s Nate Silver (@fivethirtyeight): “So sick and tired of these Detroit sports teams constantly dominating everything.” 
 
 
 
 DRIVING THE DAY - President Obama is back on the road to sell his “Jobs Act” with events in Texas and St. Louis even as House leaders say they have no plans to bring up the measure in full but will cherry pick a few things (like the trade deals) that they like ... Fed Chair Ben Bernanke testifies before the Joint Economic Committee at 10:00 a.m. and will likely get grilled by Republicans for doing too much on the monetary front and by Democrats for not doing enough to boost employment ... Senate Banking subcommittee has a consumer protection hearing at 3:00 p.m. ... Senate candidate Elizabeth Warren debates other Democrats in Massachusetts tonight (not Sen. Scott Brown as we mistakenly said yesterday) ... Chris Christie watch will continue, though the WSJ reports the NJ governor promised big California donors last week that he had no plans to run. 
 
 
 
 CONSUMER PROTECTION HEARING MEMO: http://politi.co/r7oG0D 
 
 
 
 HERITAGE OPPOSES REPATRIATION HOLIDAY - The Heritage Foundation will reportedly release a study today opposing a tax holiday for U.S. companies’ foreign profits. Supporters of a repatriation holiday note that Heritage was for it before it was against it: http://bit.ly/n3dcv2 
 
 
 
 TECH BLINK: iPHONE 5 HITS TODAY - TechCrunch’s Dan Lyons: “Can Apple still find ways to blow everyone away with a new iPhone that is so magical and sexy—and so ahead of all the other companies in the market—that people will start lining up days in advance to get one? ... Some say Apple will introduce two models: a high-end, state-of-the-art iPhone 5 with all the latest bells and whistles, and a low-end phone that’s basically a stripped-down iPhone 4. No matter what Apple introduces, some analysts are already predicting that the new device will generate record sales” http://bit.ly/nR8SrYs 
 
 
 
 OBAMA TODAY: PUSHING JOBS BILL IN TEXAS - Per a White House official: “President Obama will travel to Eastfield College, a community college in Mesquite, Texas, to tour the campus’ Children’s Laboratory School and meet with students and teachers before delivering remarks urging Congress to pass the American Jobs Act now to keep teachers in the classroom and rebuild our schools across the nation. Also [today], Vice President Biden will visit Oakstead Elementary School in Land O’Lakes, Florida, a public school which lost teachers due to budget cuts and has seen class sizes balloon as a result” 
 
 
 
 TREASURY TODAY: GEITHNER IN NYC - Per Treasury official: “Today Secretary Geithner will be in Manhattan to attend the Council on Foreign Relation's (CFR) annual dinner, where he will participate in a moderated discussion on the global economy with CFR President Richard Haass. The dinner is closed press but never fear - you can catch Geithner on Erin Burnett’s new show, OutFront, tonight at 7 PM. He’ll tape the interview earlier in the day.” 
 
 
 
 BUFFETT TODAY - Per CNNMoney: “Tune into CNNMoney.com ... at 12:15pm EST/9:15am PST to watch Warren Buffett’s live interview at the Fortune Most Powerful Women Summit. Additionally, Meg Whitman, Meredith Whitney will also be speaking, among others. You can watch those virtually here: http://tinyurl.com/virtualmpw 
 
 
 
 THIRD WAY EMERGENCY PLAN - M.M. noted last week that Third Way would be out this week with an “emergency” $1.2 trillion debt reduction plan if the super committee finds itself bogged down. Here it is: http://politi.co/pP72Li 
 
 
 
 DRAFT CHRISTIE VIDEO - From Americans for Responsible Leadership: http://bit.ly/okyG0c 
 
 
 
 TOP TALKER: HEDGE FUNDS TROLL FOR D.C. DISH - WSJ’s Brody Mullins and Susan Pulliam in A1 piece that M.M. hears was in the works for quite some time “At a breakfast fund-raiser last year at the Liaison Capitol Hill hotel, former lobbyist Paul Equale pulled up a chair next to Sen. Richard Durbin. As they chatted, the Illinois Democrat told him about a recent breakthrough in his efforts to push through a bill to cap debit-card fees. In Washington, such shop talk between political insiders is so routine that it hardly warrants mention. ... 
 
 
 
 “For Mr. Equale, however, it yields intelligence that fetches good money on Wall Street. ... Information about what's happening in Washington is at a premium on Wall Street these days. Government regulatory changes and economic initiatives following the 2008 financial crisis have affected numerous industries, and even minor shifts in policy can be of interest to hedge-fund managers.” http://on.wsj.com/nsiooA 
 
 
 
 BANK STOCKS CRUSHED: TIME TO FREAK OUT? – BusinessInsider’s Henry Blodget: “Bank of America ... is now in the mid-$5s. Citigroup has been cut in half. Morgan Stanley's back where it was in the depths of 2009. Back in the financial crisis—the last financial crisis—the Treasury Department and the Federal Reserve were heavily and obviously involved in trying to make sure the banks didn't collapse .. This time, however, they've been silent and invisible. ... 
 
 
 
 “So you have to wonder... behind the quiet exterior, are Tim Geithner and Ben Bernanke absolutely freaking out? ... At least one Bank of America analyst, Chris Whalen, thinks Bank of America is bankrupt—not from over-inflated asset values but from litigation exposure. Morgan Stanley investors, meanwhile, say they are concerned that the company has enormous undisclosed exposure to Europe.” http://read.bi/pUOPmo 
 
 
 
 FAILING EUROPEAN BANK HAMMERS MARKETS - FT’s Tom Braithwaite and Michael Mackenzie in New York, Stanley Pignal in Brussels and Peter Spiegel in Luxembourg in the page 1 splash: “Global equities fell sharply from Hong Kong to New York as Europe’s sovereign debt crisis forced Dexia, the Franco-Belgian lender, into emergency talks on options including an effective break-up. ... People familiar with the matter said Dexia, which has €20.9bn ($27.6bn) in sovereign debt issued by troubled eurozone countries, held talks to consider quarantining troubled assets in a ‘bad bank’ ... Eurozone finance ministers also gave a clear indication they were preparing to paper over Greece’s failure to hit budget targets in 2011, saying that they would set new goals that would combine both this year’s and next year’s financial numbers.” http://on.ft.com/p3f1Ow 
 
 
 
 M.M. FLASHBACK - M.M. will never forget having very long conversations with Lehman Brothers executives in the dark days of 2008 as they frantically attempted to isolate their toxic mortgage-related debt into a “bad bank” they were going to call “Spin Co.” and sell off to investors. We all remember how well THAT worked out... 
 
 
 
 FIRST LOOK: CFPB HEARING - Doug Fecher, President and CEO, Wright-Patt Credit Union, at today’s Senate Banking subcommittee hearing on the CFPB: “Richard Cordray, a fellow-Ohioan who has been nominated as the agency’s director, has outstanding qualifications and understands the unique role credit unions play in the lives of consumers. We hope the agency empowers credit unions to do their jobs of helping consumers make smart use of credit without creating even higher regulatory costs.” 
 
 
 
 POLL BLAST: PERRY SLIDES/CAIN RISES - WP’s Dan Balz and Jon Cohen: “After a quick rise in the race for the Republican presidential nomination, Texas Gov. Rick Perry has experienced an almost equally dramatic decline, losing about half of his support over the past month ... Perry’s slide, which comes after several uneven performances in candidate debates, has allowed former Massachusetts governor Mitt Romney to resurface atop the GOP field. But the most direct beneficiary of the disenchantment with Perry is businessman Herman Cain, who is now tied for second place. ... [T]he Post-ABC poll finds only modest public support for a [Chris] Christie candidacy.” http://wapo.st/nMSC2i 
 
 
 
 SOME HEDGE FUND TITANS OK WITH HIGHER TAXES - Absolute Return Magazine’s Lawrence Delevingne: “[N]ot ... all hedge fund managers are opposed to paying more taxes. ‘I wouldn’t object to changing carried interest treatment and [paying] other higher taxes if it helps get America back on track,’ says Dinakar Singh, founder of TPG-Axon Capital and a Democrat. ‘But it’s hard to get behind what’s coming out of Washington when it feels like we’re being singled out for political reasons and it’s not part of more comprehensive tax and fiscal reform that would actually have an impact.’ ... But like Singh, some hedge fund managers and insiders privately concede that they would not fight a change to carried interest alone. ‘As one of the people who will be directly affected by the proposed new rules, let me say that I wholeheartedly endorse them,’ says George Soros of carried interest and Obama’s proposed Buffett rule” Subscription required: http://bit.ly/ndaIFy 
 
 
 
 NGATA PUSH BACK - Yesterday we noted how NBC's Al Michaels said of Baltimore Ravens' defensive tackle Haloti Ngata's $61 million contract: “Warren Buffett wants him to pay more taxes.” Per a little bird: “While we obviously don’t know the specific circumstances of Haloti Ngata (beyond the fact that he and the Ravens defense earned every penny of their contracts in the Sunday Night schellacking of the Jets) or his tax or income situation, but given that wage, salary, and endorsement income generally is taxed at ordinary income rates, unless Ngata is getting a lot of income from other sources above and beyond his contract and endorsements it’s unlikely that the Buffett Rule would apply to him.” 
 
 
 
 OBAMA GOES OUTSIDE IN ON JOBS - POLITICO’s Glenn Thrush: “Obama is opting for an outside-in strategy in hopes of forcing a revolt in GOP swing states hungry for new jobs and angry at old Washington politics. And he’s hitting the road to sell that message. ... Unfazed Hill Republicans responded with a collective ‘Good luck with that, Mr. President.’ House GOP leaders said they will not bring the American Jobs Act to the floor. Instead, Republicans are trying to show their own commitment to reviving the economy by pushing small measures that a majority of GOP House members are likely to back, including eliminating a 3 percent withholding tax regulation for companies doing business with the government, passing trade deals — which Obama sent to the Hill late Monday — and rolling back a slew of regulations.” http://bit.ly/rcrVBE 
 
 
 
 GOLDMAN GRADUATION - Per Goldman Sachs: “Goldman Sachs continues to build its 10,000 Small Businesses program ... Senator John Cornyn, Mayor Anise Parker and Congresswoman Sheila Jackson Lee joined the first 53 graduates of Goldman Sachs 10,000 Small Businesses program at Houston Community College for a graduation ceremony ... The graduates ranged from family-owned businesses - such as a restaurant and insurance broker - to area pharmacies, real estate companies, HVAC, staffing, marketing, and clinical research.?” http://bit.ly/qmGzFi 
 
 
 
 ALSO FOR YOUR RADAR - 
 
 
 
 CITI HAS TROUBLE SELLING WORST PIECES - WSJ’s Suzanne Kapner on pg. C1: “Gone are a U.S. student-loan business, a U.K. online bank and a Japanese brokerage operation. Citigroup Inc. cast them off as it undertakes a housecleaning. ... The remaining unwanted pile, known as Citi Holdings, has $308 billion in assets, less than half its size when it was created in 2009. Now comes the hard part: getting rid of the rest. Citi Holdings offers a glimpse into the problems that banks still are grappling with three years after the financial crisis erupted. The assets in Citi Holdings have racked up $59 billion in losses since 2007. And as profits sag across the U.S. banking industry along with hopes for a strong economic rebound, Citi Holdings is likely to keep dragging the overall company lower for years to come.” http://on.wsj.com/ost2Cb 
 
 
 
 FANNIE KNEW OF FORECLOSURES ABUSES - NYT’s Gretchen Morgenson on pg. B1: “Fannie Mae ... learned as early as 2003 of extensive foreclosure abuses among the law firms it had hired to remove troubled borrowers from their homes. But the company did little to correct the firms’ practices, according to a report issued Tuesday. Only after news reports in mid-2010 began to describe the dubious practices, like the routine filing of false pleadings in bankruptcy courts, did Fannie Mae’s overseer start to scrutinize the conduct. The report was critical of that overseer, the Federal Housing Finance Agency, and was prepared by the agency’s inspector general. In one notable lapse, even after the agency reported problems to Fannie Mae in late 2010 about some of the approved law firms, it did not request a response from the company, the report said.” http://nyti.ms/rtbq9M 
 
 
 
 ** A message from the Investment Company Institute: Over almost 40 years, money market funds have emerged as a steady, predictable mainstay of the financial marketplace and a key component of the American economy. Households, businesses, state and local governments, and nonprofit institutions look to money market funds for stability, convenience, a high degree of liquidity, and a historically higher yield. 
 
 
 
 And the $2.6 trillion invested in money market funds is vital for: 
 
 
 
 • JOBS-financing payrolls and inventories 
 
 • COMMUNITIES- funding public projects like roads, hospitals, and low-income housing 
 
 • CONSUMERS-financing home equity, auto, and credit card loans 
 
 
 
 Groups representing investors, businesses, state and local governments, and nonprofits all agree. Preserving the key features of money market funds is vital to protecting these funds' crucial role for investors and the U.S. economy. 
 
 
 
 Let's preserve money market funds - for investors, for America 
 
 
 
 To learn more, visit www.preservemoneymarketfunds.org. ** ||||| GEORGE STEPHANOPOULOS: Thanks for joining us live on ABCNews.com and Yahoo.com for this exclusive interview with President Barack Obama and thanks for having us to the White House. 
 
 PRESIDENT OBAMA: Great to be here. 
 
 GEORGE STEPHANOPOULOS: There has been a huge response since we announced this interview. 40,000 questions have come in. As you might imagine, most on the economy. And a lot of anger out there. There's so many people who simply don't think they're better off than they were four years ago. How do you convince them that they are? 
 
 PRESIDENT OBAMA: Well, I don't think they're better off than they were four years ago. They're not better off than they were before Lehman's collapse, before the financial crisis-- before this extraordinary recession we're going through. I think that-- what we've seen is that we've been able to make steady progress to stabilize the economy. But the unemployment rate is still way too high. And that's why it's so critical for us to make sure that we are taking every action we can take to put people back to work. And the American Jobs Act, the bill that I put before Congress three weeks ago puts construction workers back to work rebuilding our roads and bridges, it puts teachers back in the classroom, teaching our kids, makes sure that veterans-- are getting a break-- if they come home and are looking for a job with a small business, provides everybody a tax cut, small businesses and middle class families alike so that we've got more consumers out there with a little more confidence, a little more money in their pockets. You know, these are ideas that historically have been supported by Democrats and Republicans. 
 
 GEORGE STEPHANOPOULOS: As you might have heard in the last hour, the Republican leader in the house, Eric Cantor, said he's not going to schedule a clean bill-- this all or nothing approach, he said, is unreasonable. 
 
 PRESIDENT OBAMA: Well, look, what he needs to do is to tell us what exactly he's for. Because what I've done is put forward what economists say can increase our growth by close to two percent and put 1.9 million people-- ultimately back to work. Now if he's got other ideas, we're happy to look at those other ideas. But what-- what I think the American people cannot abide by is us doing nothing. We can't sit here and pretend that somehow-- you know, Washington just cutting spending, in and of itself, is going to be putting people back to work. 
 
 GEORGE STEPHANOPOULOS: ...pass the tax cuts and the trade bills, is that enough? 
 
 PRESIDENT OBAMA: Well, we're going to be passing the trade bills. And I'm pleased we're doing that. Because that actually will add jobs-- you know, the trade bill not only is for Korea, but also Panama and Colombia. All these countries, right now, are able to sell into the United States. We have one of the most open markets in the world. Theirs are still a little too closed. And as I've said before, I want-- I don't mind Kias and Hyundais sold here, as long as Chryslers and-- and Fords are being sold-- in Korea, as well. So I'm glad that's an area of bipartisan agreement, but it's not enough by itself. There's more that we can do. And, you know, for example, you talk to Republican governors, Republican mayors, and they'll tell you that the need for them to rebuild roads and bridges, including some-- you know, that-- I visited in-- in-- in Virginia, but also-- some that I've visited-- between Kentucky and Ohio, where-- both-- Mr. Boehner and Mr. McConnell hail from-- those are projects that need to happen anyway. Why not do them now at a time when we've got construction workers out of work, contractors-- are able to come in under budget, on time. This is the time to do it. 
 
 GEORGE STEPHANOPOULOS: We have a brand new poll out at ABC. It's just coming out-- later today, showing the majority of Americans, 55 percent, think you'll be a one-term president. Are you the underdog now? 
 
 PRESIDENT OBAMA: Absolutely. The-- because-- you know, given the economy, there's no doubt that, you know, whatever happens on your watch, you've got-- 
 
 GEORGE STEPHANOPOULOS: You embraced that pretty quickly. 
 
 PRESIDENT OBAMA: You-- you-- you know, I-- I don't mind. I-- I'm used to being an underdog. And-- and I think that-- at the end of the day, though, what people are going to say is, "Who's got a vision for the future? That can actually help ordinary families recapture that American dream?" When I ran in 2008, the basic idea was that-- you know, ordinary folks, who are working hard, you know, doing everything right, just weren't getting ahead. Wages, incomes had flat-lined, costs were going up, everything from health care to college education. And-- you know, the whole approach of everything I've tried to do over the last three years is to say, "What are those big changes that we have to make so that our kids are getting the best education, we've got the best infrastructure in the world, we've got the tools that allow us to succeed again?" 
 
 GEORGE STEPHANOPOULOS: We actually got a great question on Twitter about 2008. It's from Gale Glover, and he asks, "If hope and change define the 2008 campaign, what two words are going to make-- are going to define 2012?" 
 
 PRESIDENT OBAMA: I-- you know, I haven't quite boiled it down to a bumper sticker yet. But I think what'll-- define 2012 is-- you know, our vision for the future. That's three words. Four. 
 
 GEORGE STEPHANOPOULOS: It's five, actually. 
 
 PRESIDENT OBAMA: ...Vision for the future. Four. There is-- going to be a contest of values and-- and vision in 2012. Nobody's going to deny that we're not where we need to be. That the economy is not producing enough jobs that pay well and give people-- a leg up on life. And so the question is, "What's most likely to get us there?" Now there are going to be some folks who make the argument that if you just slash spending, eliminate regulations that prevent us from polluting our air or polluting our water or, you know, we bust labor unions, that that in and of itself is going to restore the American dream. I don't think most Americans believe that. I think they understand that we've got to invest in making sure we've got the best education system possible, that we've got to invest in basic research. That part of what made us an economic superpower was we had the best technology, the best infrastructure, and that government has some role to play in that. And so the question's going to be-- you know, which vision is more persuasive to the American people? 
 
 GEORGE STEPHANOPOULOS: One of your potential opponents, Chris Christie, governor of New Jersey, very tough speech at the Reagan Library last week. He said-- you don't have the courage to lead. He called you a bystander in the Oval Office. And I want to get this right, because it-- what he ended up saying is that-- you haven't brought people together. Now you're going to divide them. And he asked, "What happened to State Senator Obama? When did he decide to become one of the dividers he spoke of so eloquently in 2004?" 
 
 PRESIDENT OBAMA: Well, look-- you know, if the guy's thinking about running for president, he's going to say a lot of stuff. And I think in the Republican primaries-- saying nasty stuff about me is probably-- polls pretty well-- 
 
 GEORGE STEPHANOPOULOS: --he basically says he did in New Jersey, brought people together, which you haven't been able to do in Washington. 
 
 PRESIDENT OBAMA: Well-- you know, I'm not sure that-- folks in New Jersey necessarily would agree with that. But here's-- here's the broader point. I don't think that the American people would dispute that at every step of the way, I have done everything I can to try to get the Republican Party to work with me to deal with what is the biggest crisis of our lifetimes. And each time, all we've got from them is "no." I think-- the-- the-- you're not going to get too much dispute about that, whether-- 
 
 GEORGE STEPHANOPOULOS: How is that going to change in the next-- 
 
 PRESIDENT OBAMA: --the-- well, the-- you know, the way it's going to change is because the American people are gonna have the say about where we want to go, you know? They're going to have a decision to make. And they're going to say to themselves, "You know what? President Obama wanted to reduce the deficit by not only cutting spending, as he's already done, but also by making sure that-- the most fortunate in our society are paying their fair share. That we're closing corporate loopholes that small businesses don't get. The Republicans have said no to that." Well, that's a contrast in approaches. And-- you know, when you tick down which approach the American people generally prefer, they'll say mine. Now what they'll say is, "He hasn't been able to get it through Congress." And, you know, I-- I'm the first one to acknowledge that-- the relations between myself and-- the Republican Congress have not been good over the last several months, but it's not for a lack of effort. It has to do with the fact that-- you know, they've made a decision to follow-- what is a pretty-- extreme approach to governance. 
 
 GEORGE STEPHANOPOULOS: You might have a new issue on your plate over the weekend. Bank of America now is doing a $5 service fee for using your debit cards. Drawing-- a lot of outrage, a lot of questions. And basically the questions boil down to what Vikki Manko of Naperville, Illinois asks. "These are the types of things government should get involved in and put a stop to." Can you put a stop to that? 
 
 PRESIDENT OBAMA: Well-- what we did was we put a stop through-- The Financial Reform Act of them charging fees-- for credit cards. 
 
 GEORGE STEPHANOPOULOS: And the banks are saying-- 
 
 PRESIDENT OBAMA: And so-- Well-- what-- what the banks are saying is-- that "Rather than take a little bit less of a profit. Rather than paying multimillion dollar bonuses. Let's treat our customers right." And this is exactly why we need this consumer finance-- protection bureau that we set up that is ready to go. And what we need is a confirmation of the person I've appointed, Rich Cordray treasurer of Ohio. Back in Ohio, Republicans and Democrats both think he's terrific and he's fair. But this is exactly why we need somebody who's sole job it is to prevent this kind of stuff from happening. 
 
 GEORGE STEPHANOPOULOS: Can you stop this service charge? 
 
 PRESIDENT OBAMA: Well, you can stop it because it-- if you-- if you say to the banks, "You don't have some inherent right just to-- you know, get a certain amount of profit. If your customers-- are being mistreated. That you have to treat them fairly and transparently." And-- and my hope is is that you're going to see a bunch of-- the banks, who say to themselves, "You know what? This is actually not good business practice." Banks can make money. They can succeed, the old-fashioned way, by earning it. By lending to small businesses. By lending to consumers. By making sure that-- you know, we are building the economy together. But-- you know, without the kinds of protections that we're starting to see the Republicans try to roll back-- we're going to continue to have these kinds of problems. And this is exactly-- the sort of stuff that folks are frustrated by. This, by the way, is an example of the-- the contrasting visions that we have. If-- if-- if-- the Republican Party believes that we should do nothing to curb abuses on Wall Street and roll back regulations put in place to prevent the next big financial crisis, well, I've got a big difference with them. And I think the American people are going to be on my side on that. 
 
 GEORGE STEPHANOPOULOS: Your White House has faced a lot of questions on Solyndra, the-- solar panel company you paid a visit to back in 2010. You really held it up then as a model for jobs and clean energy. Do you regret that? 
 
 PRESIDENT OBAMA: No, I don't, because if you look at the overall portfolio of loan guarantees that have been provided-- overall, it's doing well. And what we always understood was that not every single business is going to succeed in clean energy. But if we want to compete with China, which is pouring hundreds of billions of dollars into this space. If we want to compete with other countries that are heavily subsidizing the industries of the future, we've got to make sure that our guys here in the United States of America at least have a shot. Now there are gonna be some failures, and Solyndra's an example. 
 
 GEORGE STEPHANOPOULOS: --getting warnings not to back that company up, not to visit. 
 
 PRESIDENT OBAMA: Well-- you know, it-- hindsight is always 20/20. It went through the regular review process. And people felt like this was a good bet. But the fact of the matter is-- is that if we don't get behind clean energy, if we don't get behind advanced battery manufacturing, if we're not the ones who are creating the cars of the future, then we're not going to be able to make stuff here in the United States of America. And one of the most important things that I want to do over the next several years is restore a sense that America can manufacture, but we don't just purchase stuff from someplace else, but we're also exporting to other countries. 
 
 GEORGE STEPHANOPOULOS: Let me ask you about Al Qaeda-- following the killing on Friday of Anwar Awlaki. Back in July-- Secretary of Defense Leon Panetta said that the strategic defeat of Al Qaeda is within reach. This as we approach the tenth anniversary of the invasion of Afghanistan. How close are we to that strategic defeat? 
 
 PRESIDENT OBAMA: You know, I think that we have done more in the last couple of years-- than any time in the last ten years-- to bring that about. Obviously, the most prominent-- case was-- us getting Bin Laden. But when you look at that entire leadership tier of Al Qaeda, they have been decimated. And-- they are-- rapidly approaching the point where they just cannot replace trained, skilled operatives-- 
 
 GEORGE STEPHANOPOULOS: --attack on our homeland? 
 
 PRESIDENT OBAMA: Well-- you know, I think that-- given the nature of our open society, we're always going to be vulnerable-- to the possible terrorist attack. But for them to be able to mount something that is a big project with a lot of financing, that is very difficult for them to do now. They're still dangerous. They're still our number one enemy. We've got to make sure that we-- don't let up. But I think that we are in a position where over the next couple of years, if we stay on it, that-- it's gonna be very difficult for them to mount the kinds of spectacular attacks-- that we saw on 9/11. 
 
 GEORGE STEPHANOPOULOS: You gave a pretty passionate speech at the Human Rights Campaign fund Saturday night. And said that every single American deserves to be treated equally in the eyes of the law. Is that possible without legal gay marriage? 
 
 PRESIDENT OBAMA: Well, I-- you know, I think that it is certainly possible for us to make sure that-- not only can they serve in our military, but we fully support them. That-- hospital visitation is available-- to gay and lesbian partners. That they're not discriminated-- against on the job. Being gay or lesbian is not a fireable offense. That at minimum, that gays and lesbians have strong civil unions that provide the same kinds of protections. 
 
 GEORGE STEPHANOPOULOS: At minimum? 
 
 PRESIDENT OBAMA: At minimum. 
 
 GEORGE STEPHANOPOULOS: So you've said your position is evolving. You said you're struggling with it. What more do you need to know? 
 
 PRESIDENT OBAMA: Well-- you know-- I probably won't-- make news right now, George. But I-- I think that there's no doubt that-- as I see-- friends, families-- children of gay couples-- who are thriving-- you know, that-- that has an impact on how I think about these issues. It's also one of the reasons that I made the decision for us not to defend-- The Defense of Marriage Act, which-- I believe violated the Constitution. And, you know, is going to be-- decided in the courts probably-- in the next-- next few terms. 
 
 GEORGE STEPHANOPOULOS: You think you'll change your mind before the election? 
 
 PRESIDENT OBAMA: You know-- I-- I'm-- I'm-- still working on it. 
 
 GEORGE STEPHANOPOULOS: And you're not going to tell it's how long it's going to take? (LAUGH) Let me just finish up with a couple personal questions. We got a lot of those-- on Yahoo, as well. A lot of people want to know-- first of all, I should say happy anniversary. 
 
 PRESIDENT OBAMA: Thank you so much. 19 years. 
 
 GEORGE STEPHANOPOULOS: 19 years. And they want to know what is the best single piece of advice Michelle has given you? 
 
 PRESIDENT OBAMA: You know, that when all is said and done-- the mark of success is do you have children who are happy and healthy and-- able to go out there and function as responsible-- loving people. And-- so far so good. You know, I-- I think in-- in this business-- as is true for a lot of professionals, I think-- you love your kids, but you always got these distractions and they're always-- things tugging at you. And Michelle very early on-- being that anchor that says, "No, no, you know, if we've got-- a parent/teacher conference--" 
 
 GEORGE STEPHANOPOULOS: You're gonna be there. 
 
 PRESIDENT OBAMA: "--we're gonna be there." At soccer games. You know, Sasha may say it doesn't matter, but it does. That steady drumbeat-- from Michelle-- was exactly right. And-- it-- it's-- it's part of the reason why, I think-- not only are the kids doing well, but-- it-- it provides me-- just a constant source of joy and-- and sustenance. 
 
 GEORGE STEPHANOPOULOS: Four years is a long time in kids' years. 
 
 PRESIDENT OBAMA: Yeah. 
 
 GEORGE STEPHANOPOULOS: They were pretty little during the-- the last campaign. How do you protect them? This time around, when everybody's saying all these bad things about you? 
 
 PRESIDENT OBAMA: You know, so far so good. I mean, partly because-- they don't watch-- they don't watch news. Although, the-- you know, they're starting to read. 
 
 GEORGE STEPHANOPOULOS: On the internet, right? 
 
 PRESIDENT OBAMA: They-- they're starting to go on the internet. I think that the thing we worry about has less to do with-- them hearing folks say mean stuff about me, which-- 
 
 GEORGE STEPHANOPOULOS: They don't have to answer them. 
 
 PRESIDENT OBAMA: They-- they-- they don't-- they don't-- they know who their daddy is. And-- and they're not worried about that. The thing I do worry about is trying to figure out that balance of making sure they've got space to make mistakes, be teenagers, et cetera. But obviously, they're not-- typical-- in some ways. So they're still having sleepovers. And they're still going to the mall. And they're still going to movies. But they've got this guy with a gun following them around! And-- and-- and so just-- just trying to make sure that that space is maintained. We've been able to do it so far. Our secret service detail is terrific about it. But it-- it's a balance that has to be struck. 
 
 GEORGE STEPHANOPOULOS: Finally, since we are on the web here-- live on Yahoo.com, everyone wants to know which-- websites do you surf? 
 
 PRESIDENT OBAMA: You know, I'm pretty eclectic. You know, I'll-- you know, I read a lot of newspapers that I used to read in print, I now read on-- on the web. 
 
 GEORGE STEPHANOPOULOS: Do you have an iPad or just-- 
 
 PRESIDENT OBAMA: I-- I've got an iPad. And-- and-- Steve Jobs actually gave it to me-- a little bit early. And-- (LAUGH) 
 
 GEORGE STEPHANOPOULOS: Oh, that's pretty cool. 
 
 PRESIDENT OBAMA: Yeah, it was cool. I got it directly from him. And-- you know, I go to ABCNews.com, of course, and Yahoo. 
 
 GEORGE STEPHANOPOULOS: And Yahoo, too, thank you. 
 
 PRESIDENT OBAMA: Of course. But-- you know, typically, my-- I-- I-- I read on the web what I read in hard copy. I mean, there-- there are some exceptions. There are some blogs and some websites that-- that are interesting that-- you don't have-- 
 
 GEORGE STEPHANOPOULOS: --make a comment. 
 
 PRESIDENT OBAMA: I-- you know-- I don't. I-- I figure if I-- if I got started-- I wouldn't stop. And I've got other things to do. 
 
 GEORGE STEPHANOPOULOS: Mr. President, thanks for your time. 
 
 PRESIDENT OBAMA: I appreciate it. Thank you so much. 
 
 GEORGE STEPHANOPOULOS: And thanks to all of you for joining us on Yahoo.com and ABCNews.com. If you missed any of it, you can get it any time on either website. Take care.
– President Obama made waves in his latest interview with George Stephanopoulos of ABC, in which he spoke out against Bank of America’s unpopular new $5 fee for debit card users. “This is exactly why we need this Consumer Finance Protection Bureau,” Obama said. Asked directly if he could stop it, he replied, “You can stop it … if you say to the banks, ‘You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated.'" That drew a rebuke from the American Bankers Association, which called it “disappointing and puzzling that the president would attack a private corporation for responding to government price fixing,” according to Politico. That’s not the only soundbite generating interest: Asked if Americans were better off than they were four years ago—the line Ronald Reagan used to defeat Jimmy Carter—Obama replied, “They’re not better off than they were before Lehman’s collapse, before the financial crisis. ... The unemployment rate is still way too high.”