Verbatim transcript of President-elect Obama's weekly video address, November 22, 2008. Annotation and bolding is mine. View the video here.
On the state of the economy this week:
“Good morning.
The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions. THe financial markets faced more turmoil. New home purchases were the lowest in a half a century. 540,000 more jobless claims were filed last week, the highest in eighteen years, and we now risk falling in to a deflationary spiral that could increase our massive debt even further.”
On job loss this month and year:
“While I'm pleased that Congress passed a long overdue extension of unemployment benefits this week, we must do more to put people back to work and get our economy moving again. We have now lost 1.2 million jobs this year and if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.”
On his economic recovery plan:
“There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But January 20th is our chance to begin anew with a new direction, new ideas, and new reforms that will create jobs and fuel long-term economic growth.
I have already directed my economic team to come up with an economic recovery plan that will mean 2.5 million more jobs by January of 2011. A plan big enough to meet the challenges we face, that I intend to sign soon after taking office. We'll be working out the details in the weeks ahead, but it will be a two year, nationwide effort to jumpstart job creation in America, and lay the foundation for a strong and growing economy.
We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels, fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and to keep our economy competitive in the years ahead.”
On long-term goals and what he expects from Congress:
“These aren't just steps to pull ourselves out of the immediate crisis, these are the long-term investments in our economic future, that have been ignored for far too long, and they represent an early down payment on the type of reform my administration will bring to Washington. Government that spends wisely, focuses on what works, and puts the public interest ahead of the same special interests that have come to dominate our politics.
I know that passing this plan won't be easy, that I will need, and seek support from Republicans and Democrats. And I'll be welcome to ideas and suggestions from both sides of the aisle, but what is not negotiable is the need for immediate action.”
Empathy for Americans who face job loss, declining incomes, loss of college and retirement funds:
“Right now there are millions of mothers and fathers who are lying awake at night wondering if next week's paycheck will cover next month's bills. There are Americans showing up to work in the morning only to have cleared out their desks by the afternoon. Retirees are watching their life savings disappear, and students are seeing their college dreams deferred. These Americans need help, and they need it now.”
The enduring power of the American dream:
“The survival of the American dream for over two centuries is not only a testament to it's enduring power, but to the great effort, sacrifice and courage of the American people. It has thrived because in our darkest hours, we have risen above the smallness of our divisions to forge a path toward a new and brighter day. We've acted boldly, bravely, and above all, together.That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will.”
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WASHINGTON (AP) — Labor, the auto industry and lawmakers bargained in unprecedented private talks in the Capitol Thursday night, struggling to salvage a $14 billion government bailout of the Big Three carmakers.
“Two and a half hours later, as 
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