Previewing Obama’s New Nationalism speech

The President will talk about how he sees this as a make-or-break moment for the middle class and all those working to join it. He’ll lay out the choice we face between a country in which too few do well while too many struggle to get by, and one where we’re all in it together – where everyone engages in fair play, everyone does their fair share, and everyone gets a fair shot. Just over one hundred years ago, President Teddy Roosevelt came to Osawatomie, Kansas and called for a New Nationalism, where everyone gets a fair chance, a square deal, and an equal opportunity to succeed.

It has become entirely clear that we must have government supervision of the capitalization, not only of public-service corporations, including, particularly, railways, but of all corporations doing an interstate business.
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We have come to recognize that franchises should never be granted except for a limited time, and never without proper provision for compensation to the public. It is my personal belief that the same kind and degree of control and supervision which should be exercised over public-service corporations should be extended also to combinations which control necessaries of life, such as meat, oil, or coal, or which deal in them on an important scale. I have no doubt that the ordinary man who has control of them is much like ourselves. I have no doubt he would like to do well, but I want to have enough supervision to help him realize that desire to do well.
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Combinations in industry are the result of an imperative economic law which cannot be repealed by political legislation. The effort at prohibiting all combination has substantially failed. The way out lies, not in attempting to prevent such combinations, but in completely controlling them in the interest of the public welfare.
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We grudge no man a fortune in civil life if it is honorably obtained and well used. It is not even enough that it should have been gained without doing damage to the community. We should permit it to be gained only so long as the gaining represents benefit to the community. This, I know, implies a policy of a far more active governmental interference with social and economic conditions in this country than we have yet had, but I think we have got to face the fact that such an increase in governmental control is now necessary.