You didn't build that

[GRH]

If ila's "Beaver picture" from above were actually a representation of Obama's speech (which has been taken wildly out of context), the "that" being referenced is the river. The right wingers like to pretend that the "that" is the dam that the beaver built. In the context of Obama's speech, the "that" is clearly referring to the river, the trees which cast down sticks, and the other pieces of infrastructure that the beaver relied on to build the dam.