Look at the graphic CNN is using for the story of Bush "moving ahead" on missile defense:

They choose not to link to their own story about the latest test failure -- $100 million down the drain. The Washington Post story is better anyway.

I don't think he explained how this system will protect us from hijackers with box cutters or bombs on boats in the NY harbor, but I'm sure we'll all feel safer.

... or as pandagon says, this is like putting a big sign up that says "Nuke us before 2004!"