I guess the reason why they chanted "yes you can" was in regards to his presidential powers.
Quote:
But Obama faced a roomful of activists eager for him to do more. Speaking about the high number of deportations that are troubling the Latino community, Obama said he had to enforce the laws that exist and couldn't change them on his own.
The crowd disagreed and shouted, "Yes you can, Yes you can!"
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http://www.cbsnews.com/stories/2011/...20083034.shtml