So while I will never minimize the costs involved in military action, I am convinced that a failure to act in Libya would have carried a far greater price for America.

I don't oppose all wars. What I am opposed to is a dumb war. What I am opposed to is a rash war.

Contrary to the claims of some of my critics and some of the editorial pages, I am an ardent believer in the free market.

A lot has happened over the years. And while this nation has been tested by war, and it's been tested by recession and all manner of challenges - I stand before you again tonight, after almost two terms as your president, to tell you I am more optimistic about the future of America than ever before.

And I will do everything that I can as long as I am President of the United States to remind the American people that we are one nation under God, and we may call that God different names but we remain one nation.

In America, there's a failure to appreciate Europe's leading role in the world.