during any prior expansion; where the income of the average American household declined while the cost of health care and tuition reached record highs; where prosperity was built on a housing bubble and financial speculation. From the day I took office, I've been told that addressing our larger challenges is too ambitious; such an effort would be too contentious.  I've been told that our political system is too gridlocked, and that we should just put things on hold for a while. For those who make these claims, I have one simple question: How long should we wait?  How long should America put its future on hold?  (Applause.) You see, Washington has been telling us to wait for decades, even as the problems have grown worse.  Meanwhile, China is not waiting to revamp its economy.  Germany is not waiting.  India is not waiting.  These nations -- they're not standing still.  These nations aren't playing for second place.  They're putting more emphasis on math and science.  They're rebuilding their infrastructure.  They're making serious investments in clean energy because they want those jobs.  Well, I do not accept second place for the United States of America.  (Applause.) As hard as it may be, as uncomfortable and contentious as the debates may become, it's time to get serious about fixing the problems that are hampering our growth. Now, one place to start is serious financial reform.  Look, I am not interested in punishing banks.  I'm interested in protecting our economy.  A strong, healthy financial