President Obama discussed America's faults Friday with young Asian leaders, saying the U.S. suffers from "pitfalls" such as income inequality, a political system controlled by the wealthy and political parties divided along racial lines. Speaking at a town-hall event in Kuala Lumpur, Malaysia, Mr. Obama said the biggest problem in the U.S. is the influence of the wealthy on the government. "It is very important to avoid any political system where money overwhelms ideas," said Mr. Obama, who raised a record $1.1 billion for his reelection campaign in 2012. "And the United States politics process has become so expensive and...