Last night, at the high dollar fundraiser at a posh Melrose Place eatery, President Obama spoke to a crowd including stars and studio executives, and in his remarks he asked those gathered to “think about the movies, the arc of the story” when assessing the turbulence during his term.

Obama told them, “We’re in Hollywood right now, so think about the movies, the arc of the story.  If things were just smooth the whole way through, not only is it a pretty dull movie but it doesn’t reflect our experience.  It doesn’t reflect life.  Character is tested when things are hard.  This country is being tested, but I have complete faith in its character.  That’s what this election is about.  It’s about values.  It’s about character.  It’s about who we are.”

He also made a reference to DreamWorks Animation’s big deal with Netflix. Jeffrey Katzenberg, a campaign bundler, introduced Obama.

When he talked about his proposal for higher tax rates for the rich, Obama said, “The fact of the matter is that Warren Buffett’s secretary should not pay a higher tax rate than Warren Buffett.  The fact is, is that we made it in part because somebody was paying for decent schools and somebody was paying for — somebody was paying for the research that went into DARPA that created the Internet that created the opportunity for Jeffrey to make a deal with Netflix.  (Laughter.)  Somebody made those investments.  And now it’s our turn.  We should be doing the same thing.  And that’s not class warfare, that’s common sense.”

Others at the event: Stacey Snider, Aaron Sorkin and MPAA chairman Chris Dodd.

The full transcript of Obama’s remarks below.