I've listened to this thing 6 times now, the last time with eyes shut not watching, just listening.
You're right, that's what I hear too - some may be saying 'O God' but clearly others are using three syllables and are indeed saying 'Obama'.
At one point listen carefully a woman shouts out over the rest and its 'O-BA-Ma' with the 'BA' jumping out at you over the din.
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