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!”