>> good morning. i'm scarlet fu. welcome to the "bloomberg market day." president obama is scheduled to address the u.n. general assembly. fortunes have gone from bad to worse. can anything stop the freefall? transfer creates a national -- a natural gas powerhouse. we want to get a market update. it looks like a fifth straight day of losses for the s&p 500. the s&p 500 is headed for its first back-to-back quarterly declines. since 2011. we just got economic data out, as well. pending home sales crossing the tape.

it is an unexpected drop for the month of august. basis, thiser-year is still a gain of 6.7% versus the anticipated 8.1%. this is a disappointing number when it comes to pending home sales for the month of august. that plays into all the data that is going to be released this week as investors look ahead to what the federal reserve does next. in terms of other market indicators, let's show you what treasuries are doing right now. mixed at the short end. higher as alds result. on the long end, there is some buy-in, leading to lower yields. the 10-year at 2.13%. let's move on to glencore. shares in london plunging as much as 31% today on concerns

the company is not cutting its debt load quickly enough as part of its latest restructuring plan. for the latest, we want to go to bloomberg's chief energy correspondent. for joining us. glencore is not the only resources company to get hit by prices. tell us why glencore is specifically hurting so much more in this industry. javier: the sentiment around glencore is very fragile. the only news that is driving this market. glencore may need to do a lot more in terms of restructuring. investors are losing their faith in the company. they want more certainty about the plans of the company. that is why glencore is being particularly hit. it is one of the most leveraged companies in the sector. a fairly dire warning

has been issued stressing the debt load. is it an outlier? is it out of the consensus? javier: it is definitely out of the consensus. other analysts have been warning they may need to do more. the analysis is very dire. two weeks ago, they were recommending investors sell it. now they think the valuation is good enough to hold it. the company seems to be having trouble convincing investors they are doing enough. the lack of response today from glencore is probably reinforcing that sentiment. scarlet: got it. what levers can glencore pull when it comes to raising more cash to service debt? what are the other options on the table? javier: glencore has announced a plan to reduce its debt to about $20 billion. it has erased $2.5 billion in

new equities. it will sell assets. the company has appointed credits we sent citigroup to sell a minority -- credit and citigroup to sell a minority stake. the company is trying to reduce its debt. investors want to see more concrete results and they want a better sense of the timing. scarlet: the stock is absolutely cratered, worth a fraction of what it was originally. the ceo has announced that debt reduction plan three weeks ago. they announced plans to raise money. investors are not reassured. if you look at the last leg lower. javier: i think investors want to see more on the agricultural plan. they are selling at the bottom of the cycle.

they want to see exactly how much money glencore can raise with that particular sale. they want to see more reassurance from the company. copper is a low prices. they want to see how much profitability glencore can take in the second half of the year and in 2016. want to see more details of the agricultural plan and reassurance about the plans for the coming year. scarlet: it is a tall order for management. thank you so much, hobby or -- javier blas. in the meantime, we want to get you to some other top headlines right now. for the first time in almost two years, president obama and vladimir putin will be holding a formal meeting. the syrian conflict is sure to be on the agenda. russia is backing bashar al-assad's shaky regime. putin said the u.s. is wrong to

back the rebels who want to oust assad. >> fighters in russia are in the territory of syria. instead of waiting for the return, we are better off helping assad fight them on syrian territory. so, this is the most important thing which encourages us and pushes us to provide support to assad. we want the situation in the region to stabilize. scarlet: putin will meet with president obama after both speak to the united nations general assembly. it will be the first time he has spoken to the united nations in a decade. france has launched its first airstrikes against islamic state militants in syria. france has been reluctant to hit islamic state in syria. it did not want to help assad. the senate is expected to pass a bill that would avoid a government shutdown.

denying funds for planned parenthood could still snag the bill in the house. government agencies will run out ifmoney on wednesday night the government does not act. the outsiders are holding the inside track in the republican residential race. rivals are gaining on the leader. ben carson is just one percentage point behind donald trump. counting the margin of error, it is a virtual tie for the top spot. marco rubioa and are tied for fourth. jeb bush has slumped to fifth. apple's new phone set a company sales record. they sold 13 million iphone 6 and 6s. those are your top stories. coming up in the next hour, the

former prime minister of australia joins us to weigh in on the u.n. general assembly, education, and australian politics. the business of horseracing explained. where the money is really made. as prime time classics like are" say goodbye, new shows stealing the spotlight. we have that and more coming up on "the bloomberg market day." ♪

scarlet: good morning and welcome back to the "bloomberg market day." we are going to check in on some company news. we are starting with dealmaking because there are almost $70 billion of acquisitions announced today. >> an acquisition attempt in the broadcast industry. nexstar is bidding for media

general. the deal is worth about $1.85 billion. 3% or so. up by are even happier for media general. it had been even higher today. this number is a 30% premium from friday. the combined company would reach about 40% of u.s. homes if the deal does go through. nexstar's goal is to try to break up a $2.4 billion deal between media general and magazine publisher meredith corporation. another consolidation i want to talk to you about is a done deal for natural gas and midstream assets. energy transfer partners is awaiting a bit to take over the $37.7ms company for billion. that is a premium of 4.6% from friday.

investors are looking negatively on this. energy transfers is down by 4%. down by 8.3%.ny's if this goes through, it would sixfne of the tops biggest energy companies in the u.s. -- this is a split. positive on this. the company has decided to split itself into two publicly traded companies. one goes into the production side and one goes into the finished goods side. the mining side will keep the alcoa name. one of the possible reasons for this is falling aluminum prices. they may be trying to reduce their dependency on the commodity. scarlet: thank you so much. we will be checking in with ken hoffman later on for more on the alcoa split.

when you look at the economics calendar, it is a busy day for the fed. several key members of the fomc are speaking on monetary policy. bill dudley spoke last hour, saying the central bank will probably raise interest rates later this year despite uncertainties. have fed officials mirrored his statements. where does this leave us? here with us now is neil. up -- neil duda. wait to see you again. we have three voting members beginning. , asen will speak again well. what will we learn from them after yellen's clarification on thursday. neil: i think they are all coalescing around a 2015 rate hike. scarlet: december or october? neil: i think most likely december. there is a bit of a communication mishap at the last

meeting. i think the market was probably priced for a hawkish pass or a hike and reiterating the data-dependent outlook. i think the fed signaled a bit too much caution and worry. i think they want to reiterate the fact that the u.s. economy remains sound, momentum remains firm, and we are on the path to a rate hike this year. i think that is what is going on. the fact that dudley said we will probably raise rates is a bit of a change for him. most of the time in recent memory he has been saying maybe, hopefully we will raise rates. probably, hopefully. scarlet: there are a lot of semantics, but he is a little bit more hawkish. neil: because we are getting closer to a rate hike. the fed is inching. scarlet: we have set or they have said they are very data dependent. we got one piece of data this morning. pending home sales.

for pending4% drop home sales month over month. wasn't housing supposed to be stronger? .eil: it is, scarlet it is going to contribute 40 basis points to gdp growth. housing has been growing at about 9% or 10% at an annual rate. pending sales represent resales, home resales on the existing market. the inventory in that market is pretty tight. now is a good time for builders. sales are doing better. i expect this to continue. moreome sales will pick up is what i expect. scarlet: the forecasters have not had a lot of data to use to assess the degree to which the economy responded to the market volatility. will this week's release of the data change all that? neil: you would think so. the length between the markets

and the economy is somewhat tenuous. it takes time. canmately, overtime, data help turn the market. it is probably too soon to tell. i think we should get a reasonably healthy vehicle sales number. what you want to look at his things that people tend to delay spending. if they are really worried about the outlook, they will not spend on things they can easily delay -- cars and homes. we are not seeing much of that yet. the auto sales forecast for september is reasonably strong. scarlet: want the jobs report on friday be a reasonable lagging indicator? neil: the hiring rate is not necessarily a lagging indicator. that is an irreversible decision for most firms. sure if you want to hire somebody. popular to popular -- contrary to popular belief, the jobs numbers are more coincident, if anything. it is more about the income

being generated out of the labor market. that number is reasonably healthy. we are talking about 5% income growth to the private sector. i think all of this is going to put the fat on a path for a rate hike this year. scarlet: we are going to stick with you for a moment. the president has arrived at the united nations. he will be addressing the general assembly and you can see him right there. that is the president in new york at the united nations general assembly. he is about to address the united nations general assembly. let's go to him now. mr. president,: mr. secretary general, fellow delegates, ladies and gentlemen. 70 years after the founding of the united nations, it is worth reflecting on what, together,

the members of this body have helped to achieve. out of the ashes of the second world war, having witnessed the unthinkable power of the atomic age, the united states has worked with many nations in this assembly to prevent a third world war. by forging alliances with old adversaries, by supporting the steady emergence of strong democracies accountable to their people instead of any foreign power. and by building an international system that opposes -- imposes a cost on those who choose conflict over cooperation. an order that recognizes the dignity and equal worth of all people. that is the work of seven

decades. that thise ideal body, at its best, has pursued. of course, there have been too many times when, collectively, we have fallen short of these ideals. over seven decades, terrible conflicts have claimed untold big news. -- victims. but we have pressed forward, slowly, steadily, to make a system of international rules and norms that are better and .tronger and more consistent it is this international order that has underwritten unparalleled advances in human liberty and prosperity. efforthis collective

that has brought about cooperation between the world's major powers and buttressed a global economy that has lifted a billion people from poverty. it is these international principles that have helped constrain bigger countries from imposing our will on smaller ones and advanced the emergence on every continent. this progress israel. documented in lives ,aved, agreements forged diseases concord, mouth said. conquered, mouths fed. our work is fafrom complete. dangerous currents risk pulling us into a darker, more

disordered world. today, we see the collapse of strong men and fragile states breeng conflicts and iving innocent men, women, and childr across borders on an epic scale. havel networks of terror stepped into the vacuum. technologies at empower individuals are asked awarded by those who spread disinformation or suppress dissent or radicalize our yth. global capital flows he powered growth and investment, t also ineased risk of contagion, we casupporting power of workers, and accelerated inequali. respond to these date.

a legacy of a postwar era not suited to our own. effectively, they argue for a return to the rules that applied for the most of human history and that predate this institution, the believe that power is a zero-sum game, that might makes right, that strong states must impose their will on weaker ones, that the rights of individuals don't matter, that in a time of rapid change, order must be imposed by force. on this basis, we see some major powers assert themselves in contravening international law. we see any rows and of the ion ofatic and -- an eroso

the democratic principles and rights that are fundamental to this institution. --ormation is strictly can's controlled. the space for civil society restricted. we are told that such retrenchment is required to beat back disorder, that it is the only way to stamp out terrorism or prevent foreign meddling. logic,rdance with this we should support tyrants like bashar al-assad, who drops barrel bombs on innocent children because the alternative is surely worse. the increasing skepticism of our international order can also be found in the most advanced democracies. we see greater polarization, more frequent woodlot -- gridlock. movements on the far right and sometimes the left that insist

on stopping the trade that binds our fates to other nations. calling for the building of walls to keep out immigrants. most ominously, we see the fears of ordinary people be does -- exploited with appeals to sectarianism, tribalism, racism, anti-semitism, it feels to a glorious past before the body politic was infected those -- by those who look different for worship god differently. the politics of us versus them. the united states is not immune from this. even as our economy is growing and our troops have largely returned from iraq and afghanistan, we see, in our debates about america's role in the world, a notion of strength

tot is defined by opposition old enemies, perceived adversaries, a rising china, a resurgent russia, a revolutionary iran, or in islam incompatible with peace. made that thement only strengthened matters for the united states is bellicose words and shows of military force. diplomacyation and will not work. as president of the united states, i am mindful of the dangers that we face. they cross my desk every morning. i lead the strongest military the world has ever known and i

will never hesitate to protect my country or our allies unilaterally and by force where necessary. but i stand before you today believing in my core that we come of the world, cannot return to the old ways of conflict and coercion. we cannot look backward. we live in an integrated world. one in which we all have a stake in each other's success. we cannot turn back those courses -- forces of integration. no nation in this assembly can insulate itself from the threat of terrorism or the risk of financial contagion, the flow of migrants, or the danger of a warming planet. see is notr we

driven solely by competition between nations or any single ideology. if we cannot work together more effectively, we will all suffer the consequences. that is true for the united states, as well. no matter how powerful our military, how strong our economy , we understand, the united states cannot solve the world's problems alone. iraq. the united states learns a hard lesson that even hundreds of thousands of brave, effective troops, trillions of dollars from our treasury canno impose stabilityt on a foreign land by itself.

unless we work with other nations under the mantle of international norms and principles and law that offer legitimacy to our efforts, we will not succeed. unless we work together to defeat the ideas that drive different communities into conflict, any order that our military can impose will be temporary. just as force alone cannot impose order internationally, i believe in my core that ge thesion cannot for social cohesion for nations to succeed. the history of the last two decades prove that dictatorships are unstable, the strong man of today become the spark a revolution tomorrow. you can jail your opponents, but you cannot imprison ideas.

you can try to control access to information, but you cannot turn a lie into truth. it is not a conspiracy of u.s.-backed ngo's that expose corruption and raise expectations of people around the globe. ,t is technology, social media and that your reducible desire of people everywhere to make their own choices about how they are governed. indeed, i believe that in today's world, the measure of strength is no longer defined by the control of territory. lasting prosperity does not come solely from the ability to access and extract raw materials. dependsngth of nations on the success of their people, their knowledge, their renovation, their imagination, their creativity, they drive, their opportunity.

that depends on individual rights and personal security. internal repression and foreign aggression are both symptoms of the failure to provide this foundation. the politics that depend on the solidarity of demonizing others, that draws on sectarianism or religious tribalism or jingoism may look like strength in the moment, but it's weakness will be exposed over time and history tells us that the dark forces unleashed by this type of politics makes all of us less secure. our world has been there before. we gain nothing from going back.

we must go forward in pursuit of our deals. -- ideals. we must give expression to our best hopes, not our deepest fears. this institution was founded because men and women who came before us had the foresight to know that our nations are more secure when we uphold the basic laws and basic norms and pursue a path of cooperation over conflict. all, haveions, above a responsibility to uphold this international order. let me give you a concrete example. after i took office, i made clear that one of the principal achievements of this body, the nuclear nonproliferation regime, was endangered by iran's violation of the npt.

on that basis, the security council tighten sanctions on the iranian government and many nations joined us to enforce it. together, we show that laws and agreements mean something. we also understood that the goal of sanctions was not simply to punish iran. we were to test whether iran could change course, except constraints, allow the world to verify that its nuclear program will be peaceful. for two years, the united states and our partners, including russia, including china, stuck together in complex negotiations. the result is a lasting, comprehensive deal that prevents iran from obtaining a nuclear weapon, while allowing it to access peaceful energy. if this deal is fully implemented, the prohibition on nuclear weapons is strengthened,

a potential war is averted, our world is safer. that is the strength of the when itional system works as it should. that same fidelity guide our responses to other challenges around the world. consider russia's annexation of crimea and further aggression in eastern ukraine. america has few economic ukraine. in we recognize the deep and complex history between russia and ukraine. stand by when the sovereignty and territorial integrity of a nation is flagrantly violated. if that happens without consequence in ukraine, it could happen to any nation gathered

here today. of the the basis sanctions that the united states and our partners impose on russia. it is not a desire to return to a cold war. within russia, state-controlled media may describe these events as an example of a resurgent russia. shared by a number of u.s. politicians and commentators, who have always been deeply skeptical of russia. and seem to be convinced a new cold war is upon us. look at the results. the ukrainian people are more interested than ever in aligning with europe instead of russia. sanctions have led to capital flights, a contracting economy, ruble, and the immigration of more educated

russians. imagine, if, instead, russia had engaged in true diplomacy. and worked with ukraine and the international community to ensure its interests were protected. that would be better for ukraine and better for russia and better for the world, which is why we continue to press for this in a way be resolved that allows a sovereign and democratic ukraine to determine its future and control its territory. not because we want to isolate russia. we don't. we want a strong russia that is invested in working with us to strengthen the international system as a whole. similarly, in the south china sea, the united states makes no claim on territory there. we don't adjudicate claims.

but like every nation gathered ine, we have an interest upholding the basic principles of freedom of navigation and the free flow of commerce and in resolving disputes through international law, not the law of force. so we will defend these principles while encouraging china and other claimants to resolve their differences peacefully. i say this recognizing that diplomacy is hard. sometimesutcomes are unsatisfying, that it is rarely politically popular. i believe the leaders of large nations, in particular, have an obligation to take these risks precisely because we are strong enough to protect our interests

if and when diplomacy fails. that, to move forward in this new era, we have to be strong enough to a knowledge when what you are doing is not working. for 50 years, the united states pursued a cuba policy that failed to improve the lives of the cuban people. we changed that. we continue to have differences with the cuban government. we will continue to stand up for human rights. but we address these issues through diplomatic relations and increased commerce and people to people ties. progresscontacts yield , i'm confident that our congress will inevitably lift an embargo that should not be in place anymore. [applause]

president obama: change won't come overnight to cuba, but i'm confident that openness, not coercion, will support the reforms and better the life the cuban people deserve, just as i believe that cuba will find its success if it pursues cooperation with other nations. now, if it is in the interest of major powers to uphold international standards, it is even more true for the rest of the community of nations. look around the world. columbia tore to senegal, the facts show that nations succeed when they pursue an inclusive peace and prosperity within their borders and work cooperatively with countries beyond their borders.

that path is now available to a nation like iran. this moment, continues to deploy violent proxies to advance its interests . these efforts may appear to give disputes within neighbors, but they fuel sectarian conflict that endangers the entire region and isolates iran from the promise of trade and commerce. the iranian people have a proud history filled with extraordinary potential, but chanting "death to america" does not create jobs or make iran more secure. if iran chooses a different path , that would be good for the security of the region, good for the iranian people, and good for the world. around the globe, we will continue to be confronted with nations who reject these lessons of history, places where civil

strife, border disputes, sectarian wars bring about terrorist enclaves and humanitarian disasters. completely has broken down. we must act. we will be stronger when we act together. in such efforts, the united states will always do our part. we will do so mindful of the lessons of the past, not just the lessons of iraq, but the example of libya, where we joined an international coalition under a u.n. mandate to prevent the slaughter. even as we helped the libyan people bring an end to the reign of a tyrant, our coalition could have and should have done more to fill a vacuum left behind. we are grateful to the united nations for its efforts to forge

a unity government. we will help any legitimate libyan government as it works to bring the country together. we also have to recognize that we must work more effectively in the future, as an international community, to build capacity for states that are in distress before the collapse. that is why we should celebrate , theact that later today united states will join with more than 50 countries to enlist capabilities including infantry, hospitals, technology, to strengthen united nations peacekeeping. [applause] president obama: these capabilities can prevent mass killing and ensure that peace

agreements are more than words on paper. but we have to do it together. together we must strengthen our collective capacity to establish security where order has broken down and to support those who seek a just and lasting peace. nowhere is our commitment more tested than in syria. when a dictator slaughters tens of thousands of his own people, that is not just a matter of one nation's internal affairs. it breeds human suffering on an order of magnitude that affects us all. likewise, when a terrorist group beheads captives, slaughters the innocent, and enslaves women, it is not a single nation's national security problem. that is an assault on all our

humanity. there is no room for accommodating an apocalyptic cult like isis. the united states makes no apology for going after them. we do so with a determination that there will never be a safe haven for terrorists who carry out these crimes that we have demonstrated over more than a decade of relentless pursuit of al qaeda that we will not be outlasted by extremists. but will military power is necessary, it is not efficient -- sufficient to resolve the situation in syria. lasting stability can only take hold when the people of syria forge an agreement to live together peacefully.

after so much bloodshed, there cannot be a return to the status quo. let's remember how this started. i thought reacted to peaceful -- bashar al-assad reacted to peaceful protests by escalating that, inn and killing turn, created the environment for the current strife. cannotnd his allies simply pacify the broad majority of a population that has been brutalized by chemical weapons and indiscriminate bombing. yes, realism dictates that compromise will be required to end the fighting and stamp out isil. but realism also requires a

managed transition away from assad into a new leader and to an inclusive government that recognizes that there must be an end to this chaos. isil, which emerged out of the chaos of iraq and on chaos tods survive. part of our job, together, is to work to reject such extremism that infects too many of our young people. part of that effort must be a continued rejection by muslims who distort islam to preach intolerance and promote violence . it must also involve a rejection by non-muslims of the ignorance that equates islam with terror. [applause]

president obama: this work will take time. there are no easy answers to syria and there are no simple answers to the changes taking place in much of the middle east and north africa. families need help right now. they don't have time. that is why the united states is increasing the number of refugees who we welcome within our borders. that is why we will continue to be the largest owner of assistance -- donor of assistance to support those refugees. today, we are launching new efforts to help as well. in the faces of suffering families, our nation of immigrants sees ourselves.

in the old ways of thinking, the plight of the powerless, the plight of refugees, the plight of the marginalized did not matter. they were on the periphery of the world's concerns. today, our concern for them is driven not just by conscience, but should also be driven by self-interest. helping people who have been pushed to the margins of our world is not me or charity. it is a matter of collective security. the purpose of this institution is not merely to avoid conflict, it is to galvanize the collective action that makes life better on this planet. the commitments we have made to the sustainable development goals speak to this truth. i believe that capitalism has been the greater creator of wealth and opportunity that the world has ever known. from big cities to rural

villages around the world, we also know that prosperity is still out of reach for too many. as his holiness, pope francis, reminded us, we are stronger when we value the least among these. and see them as equal in dignity to ourselves and our sons and our daughters. we can rollback preventable disease and end the scourge of hiv-aids. pandemics thatt don't recognize borders. it can save more lives than anything else we do. together, we can eradicate .xtreme poverty this requires sustained commitment to our people.

so young people have the skills they need to succeed in this modern, knowledge-based economy. throughromote growth trade that means a higher standard. that is what we are doing through the transpacific partnership. an agreement that will open markets, while protecting the and allows thers environment to be sustained. we can rollback the pollution that we put in our skies and help economies without condemning our children to the ravages of an ever warming climate. we will harness the potential of clean energy. no country can escape the ravages of climate change. there is no stronger sign of

leadership in putting future generations first. the united states will work with every nation that is willing to do its part to come together in paris to decisively confront this challenge. finally, our vision for the future of this assembly, my forward ratherg ton backward, requires us defend the democratic principles that allow society to succeed. let me start from a simple premise. catastrophes like what we are seeing in syria do not take place in countries where there is genuine democracy and respect for the universal values this institution is supposed to defend. [applause]

president obama: i recognize that democracy will take different forms in different parts of the world. the very idea of a people governing themselves depends upon government giving expression to their unique culture, their unique history, their unique experiences. but some universal truths are self-evident. no person wants to be imprisoned for peaceful worship. no woman should ever be abused with impunity. or a girl barred from going to school. the freedom to peacefully petition those in power without fear of arbitrary laws. these are not ideas of one country or one culture. they are fundamental to human progress. cornerstone of this institution.

i'm relies that in many parts of the world there is a different view, the belief that strong leadership must tolerate no dissent. i hear it not only from america's adversaries and i hear it from some of our friends. i disagree. i believe a government that suppresses peaceful dissent is not showing strength, it is showing weakness and it is showing fear. [applause] president obama: history shows that regimes who fear their own people will eventually crumble. institutions built on the consent of the governed endure long after any one individual is gone. that is why our strongest leaders, from george washington

to nelson mandela, have elevated the importance of building strong, democratic institutions over a thirst for perpetual power. leaders who amend constitutions to stay in office acknowledge that they failed to build a successful country for their people because none of us last forever. it tells us that power is something they cling to for its own sake than for the betterment of those they purport to serve. democracy is frustrating. democracy in the united states is frustrating. it can be dysfunctional. the desire to give more people a

voice is what allowed us to become the most powerful nation in the world. [applause] it is notobama: simply a matter of principle. it is not an abstraction. inclusive democracy makes countries stronger. powers --ition parties can seek power peacefully, that country draws on new ideas. when a free media can inform the public, corruption and abuse are exposed and can be rooted out. thrives,l society .ommunities can solve problems when immigrants are welcomed, companies -- countries are more vibrant. when girls can get a job and go to school, that is when

countries realize full potential. [applause] president obama: that is what i believe is america's greatest strength. not everybody in america agrees with me. that is part of democracy. i believe that the fact that you can walk the streets of this city right now and past churches and synagogues and temples and mosques, where people worship freely, the fact that our nation of immigrants mirrors the diversity of the world -- you can find everybody from everywhere here in new york city. [applause] president obama: the fact that, in this country, everybody can contribute, everybody can participate in a matter who they are or what they look like or who they love -- that is what makes us strong. i believe that what is true for america is true for all

democracies and that is no accident. we can be patriotic without demonizing someone else. we can cherish our own identities, our ethnicity, our religion, without putting others down. our systems are premised on the notion that absolute power will people, but that ordinary people, are fundamentally good. they value family and friendship , faith, and the dignity of hard work. with appropriate checks and balances, government can reflect this goodness. i believe that is the future we must seek together. to believe in the dignity of every individual, to believe we

can bridge our differences and choose cooperation over conflict , that is not weakness, that is strength. [applause] president obama: it is a practical necessity in this interconnected world. think of the liberian doctor who went door to door to search for ebola cases and told families what to do if they see symptoms. think of the iranian shopkeeper who said, god willing, now we will be able to offer more goods at good prices. think of the americans who lowered our flag the year i was born and returns this summer to raise that flag back up in havana. [applause]

president obama: one of these men set of the cuban people, we could do things for them and they could do things for us, we love them. years, we ignore that fact. families risking everything, barren deserts, stormy waters, just to find shelter, just to save their children. one syrian refugee who was greeted in hamburg with warm , wetings and shelter said feel there are still some people who love other people. the people of our united nations are not as different as they are told. fear, they made to

can be taught to hate, but they can also respond to hope. history is littered with the failure of false prophets and fallen empires who believe that might always makes right and that will continue to be the case. you can count on that. but we are called upon to offer a different type of leadership. leadership strong enough to recognize that nations share common interests and people share a common humanity and, yes, there are certain ideas and principles that are universal. that is what those who shaped the united nations 70 years ago understood. let us carry forward that faith into the future. for it is the only way that we can assure that future will be

brighter. for my children and for yours. thank you very much. [applause] president obama: thank you. [applause] scarlet: you have been listening to president obama's address to the united nations general assembly. he gave a wide-ranging call to action, starting with the idea that the u.s. cannot solve the world's problems on its own. he said we need to resolve disputes peacefully. he did bring up the iran nuclear deal and russia and its push into ukraine. theot some applause for lifting of the cuban embargo. the u.s. is prepared to work with any nation, including russia and iran to resolve the syrian conflict. he said there must in transition of power. he brought of the refugee crisis as a security issue. ebola, eradicating poverty, trade.