• With: Jason Riley, James Freeman, Kim Strassel, Dan Henninger

    WARREN: And Wall Street CEOs, the same ones who wrecked our economy and destroyed millions of jobs, still strut around Congress, no shame, demanding favors, and acting like we should thank them.

    (END VIDEO CLIP)

    GIGOT: So, Kim, raw economic populism. Who is that message aimed at, what voter groups?

    STRASSEL: It's aimed at Independents, in particular. And this was a very prominent theme at this convention. And it goes to one of Mr. Romney's greatest challenges, is that Democrats, day in and day out, are attempting to go rewrite history and talk about -- argue that it's the system and business in particular that got us into the economic mess we're in. Romney hasn't necessarily dressed that so far. It's one of the things he's going to have to do in the coming months.

    GIGOT: How can you run against a system you've been in charge of for four years?

    (LAUGHTER)

    (CROSSTALK)

    FREEMAN: Right. I also -- I think the most important line in Obama's speech -- not as shrill in tone as Elizabeth Warren, but along the lines of this kind of war on business -- he said -- he promised the kind of bold persistent experimentation that Franklin Roosevelt pursued in the 1930s. I have no idea how this line could get into a speech. It's not something to appeal to Independents, but it's a message that, to the extent business is focused on it, it's going to be very scary, creating uncertainty, and we're going to get more of these jobs report.

    GIGOT: How should Romney respond to the argument that Bill Clinton made that nobody could clean up this mess in four years.

    HENNINGER: He should respond to that by saying that we came out of the recession in early 2009, we should have had a higher growth rate than 4 percent. We've had not much better than 2 percent, 1.5 in the last quarter. And we've had 8 percent unemployment for 43 months. You cannot separate a president, who has been president for four years, from that economic record. It's impossible.

    GIGOT: So he has to link it to Obama's policies.

    HENNINGER: Yes.

    GIGOT: Sorry.

    We've got more to talk about, fellows.

    Still ahead, he's made his case for four more years but do we really know what a second term would look like? The Obama agenda, part two, next.

    (BEGIN VIDEO CLIP)

    OBAMA: I never said this journey would be easy.

    (END VIDEO CLIP)

    (COMMERCIAL BREAK)

    (BEGIN VIDEO CLIP)

    OBAMA: They want your vote but they don't want you to know their plan. And that's because all they have to offer is the same prescriptions they've had for the last 30 years. Have a surplus, try a tax cut. Deficit too high, try another.

    (LAUGHTER)

    Feel a cold coming on, take two tax cuts, roll back some regulations, and call us in the morning.

    (LAUGHTER)

    (APPLAUSE)

    (END VIDEO CLIP)

    GIGOT: That was the president's take Thursday night on the GOP agenda and what a Romney-Ryan administration might look like.

    So, what might a second Obama term bring, Dan? What did we learn about the second term agenda?

    HENNINGER: Nothing. Nothing whatsoever.

    GIGOT: Really?

    (LAUGHTER)

    GIGOT: Did he -- did he say more of the same, only a little less?

    HENNINGER: More of the same. OK, let's look. In the economic realm, more of the same would be another --

    GIGOT: More stimulus.

    HENNINGER: -- $800 billion stimulus. because the Keynesian stimulus is the only economic idea they have under these circumstances.

    GIGOT: Hire more teachers.

    HENNINGER: Hire more teachers, spend more money. That would be very difficult to get through Congress. But I think on the other side and what he will not talk about is the second term will be an unprecedented exercise of executive authority in power. He's going to use the agencies to get -- finish his agenda. He's going to use the Environmental Protection Agency on the environment, the Independent Review Board on medical care, and the Consumer Protection Agency to regulate financial industry. I think this president's done with Congress.

    GIGOT: Jason?

    RILEY: And he's going -- to your point about the stimulus, the stimulus that he wants, he's going to need new revenue to pay for that.

    You will see a massive push for a new tax hike, a massive push.