From The Belmont Club:

Osama Bin Laden released a video whose transcript is given below.

You American people, my speech to you is the best way to avoid another conflict about the war and its reasons and results. I am telling you security is an important pillar of human life. And free people don't let go of their security contrary to Bush's claims that we hate freedom. He should tell us why we didn't hit Sweden for instance. Its known that those who hate freedom don't have dignified souls.like the 19 who were blessed. But we fought you because we are free people, we don't sleep on our oppression. We want to regain the freedom of our Muslim nation as you spill our security, we spill your security.

I am so surprised by you. Although we are in the fourth year after the events of Sept 11, Bush is still practicing distortion and misleading on you, and obscuring the main reasons and therefore the reasons are still existing to repeat what happened before. I will tell you the reasons behind theses incidents.

I will be honest with you on the moment when the decision was taken to understand. We never thought of hitting the towers. But after we were so fed up, and we saw the oppression of the American Israeli coalition on our people in Palestine and Lebanon, it came to my mind and the incidents that really touched me directly goes back to 1982 and the following incidents. When the US permitted the Israelis to invade Lebanon with the assistance of the 6th fleet. In these hard moments, it occurred to me so many meanings I cant explain but it resulted in a general feeling of rejecting oppression and gave me a hard determination to punish the oppressors. While I was looking at the destroyed towers in Lebanon, it came to my mind to punish the oppressor the same way and destroy towers in the US to get a taste of what they tasted, and quit killing our children and women.

We didn't find difficulty dealing with Bush and his administration due to the similarity of his regime and the regimes in our countries. Whish half of them are ruled by military and the other half by sons of kings and presidents and our experience with them is long. Both parties are arrogant and stubborn and the greediness and taking money without right and that similarity appeared during the visits of Bush to the region while people from our side were impressed by the US and hoped that these visits would influence our countries. Here he is being influenced by these regimes, Royal and military. And was feeling jealous they were staying for decades in power stealing the nations finances without anybody overseeing them. So he transferred the oppression of freedom and tyranny to his son and they call it the Patriot Law to fight terrorism. He was bright in putting his sons as governors in states and he didn't forget to transfer his experience from the rulers of our region to Florida to falsify elections to benefit from it in critical times.

We agreed with Mohamed Atta, god bless him, to execute the whole operation in 20 minutes. Before Bush and his administration would pay attention and we never thought that the high commander of the US armies would leave 50 thousand of his citizens in both towers to face the horrors by themselves when they most needed him because it seemed to distract his attention from listening to the girl telling him about her goat butting was more important than paying attention to airplanes butting the towers which gave us three times the time to execute the operation thank god.

Your security is not in the hands of Kerry or Bush or Al Qaeda. Your security is in your hands. Each state that doesn't mess with our security has automatically secured their security.

Here is wretchard's summation (emphasis mine):

It is important to notice what he has stopped saying in this speech. He has stopped talking about the restoration of the Global Caliphate. There is no more mention of the return of Andalusia. There is no more anticipation that Islam will sweep the world. He is no longer boasting that Americans run at the slightest wounds; that they are more cowardly than the Russians. He is not talking about future operations to swathe the world in fire but dwelling on past glories. He is basically saying if you leave us alone we will leave you alone. Though it is couched in his customary orbicular phraseology he is basically asking for time out.

The American answer to Osama's proposal will be given on Election Day. One response is to agree that the United States of America will henceforth act like Sweden, which is on track to become majority Islamic sometime after the middle of this century. The electorate best knows which candidate will serve this end; which candidate most promises to be European-like in attitude and they can choose that path with both eyes open. The electorate can strike that bargain and Osama may keep his word. The other course is to reject Osama's terms utterly; to recognize the pleading in his outwardly belligerent manner and reply that his fugitive existence; the loss of his sanctuaries; the annihilation of his men are but the merest foretaste of what is yet to come: to say that to enemies such as he, the initials 'US' will always mean Unconditional Surrender.

Osama has stated his terms. He awaits America's answer.

What do I think? Al Queda is hurting. Badly. bin Laden realizes he's bitten off more than he can chew, and he wants a "time out" to recruit and reorganize. As far as I'm concerned, he started this, but we'll finish it. I'm tired of backing down to bullies. We backed down in Vietnam (Good work there, John! You should be so proud!), we backed down in Kosovo and Croatia, and bin Laden wants us to back down now. If it were up to me, we'll continue hunting down these terrorist bullies until they back down and surrender unconditionally. The America I know may wait until we take the first hit, but we'll finish the job. Then we'll clean it up and leave it better than it was before. The only way to come close to ensuring our future freedom from terrorist bullies is to show that we won't stand for it now. You try to bully us and this is what you can expect: we'll hunt you down in whatever cave or rat or spider hole you live in.

Time out? Hell, No! Three thousand times, Hell, No!