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Rand Paul: Obama is "uniquely unqualified" to lead

speaks during the third day of the Republican National Convention at the Tampa Bay Times Forum on August 29, 2012 in Tampa. Photo by Spencer Platt/Getty Images

(CBS News) TAMPA, Fla. - Sen. Rand Paul, R-Ky., hammered President Obama at the Republican National Convention Wednesday saying the president is someone who "misunderstands American greatnesss."

"Anyone who so fundamentally misunderstands American greatness is uniquely unqualified to lead this great nation," Paul said.

Paul continued the theme of the first night of the convention, "we built it," by focusing most of his speech on the president's "you didn't build that" remarks, where he said teachers, roads and others helped aid in a person's success.

"The engine of capitalism -- the individual -- is mightier than any collective," Paul said.

"Mr. President, you say the rich must pay their fair share. When you seek to punish the rich, the jobs that are lost are those of the poor and middle class. When you seek to punish Mr. Exxon Mobil, you punish the secretary who owns Exxon Mobil stock," he added.

Paul is the son of Rep. Ron Paul, R-Texas, the three-time presidential candidate and leader of a libertarian-rooted movement that attracted support during the 2008 and 2012 presidential primaries with the message of limited government, limited foreign intervention and a return to the gold standard.

Ron Paul, who never endorsed Mitt Romney, refused an invitation to speak at the Republican convention because, in part, he would have to clear his speech with the Romney campaign. Instead, a video was shown honoring Paul, who is retiring from politics after his term ends in January, as the Tea Party "before there was a Tea Party."

The video featured clips of Paul saying he "was surprised he ever won" an election because he thought his message too out of the mainstream. "You can't keep printing money...You have to cut some spending. We spend too much. We borrow too much," Paul said in the video.

"Ron Paul changed the conversation," Senate Minority Leader Mitch McConnell said in the video.

On Tuesday, Paul's delegates protested during the roll call, the official nomination process, angry over changes in the GOP rules that resulted in the delegates being stripped of their seats.

Defiant Ron Paul promises "revolution"will continue

Although he received thunderous applause as he took to the podium, Rand Paul still has some work to do to convince his father's backers that he's ready to step into his father's shoes.

"It's yet to be seen," Mark Willis of Maine told "He needs a lot more votes under his belt first."

Rand Paul mentioned Romney only once during his speech and it was near the end.

"To lead us forward, away from the looming debt crisis, it will take someone who believes in America's greatness, who believes in and can articulate the American dream, someone who has created jobs, someone who understands and appreciates what makes America great, someone who will lead our party and our nation forward," he said.

Additional convention speeches:
Rice: "An election of consequence"
Ann Romney: "You can trust Mitt
Paul Ryan: "We will not duck the tough issues"

"I believe that someone is our nominee: Governor Mitt Romney."

Paul's speech was approved by the Romney campaign and he largely stayed away from his common platforms, including ending the Federal Reserve, abolishing the Transportation Security Administration and the Department of Education.

He did, however, have one line that differed from Romney's platform, in which he talks about his support for increasing military funding.

"Republicans and Democrats alike must slay their sacred cows. Republicans must acknowledge that not every dollar spent on the military is necessary or well-spent."

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