It’s hard to exaggerate how bad Hosni Mubarak’s speech was for Egypt. In the extended runup to his remarks, every sign indicated that he planned to announce his resignation: the military’s announcement that it had taken control, the shift in state television coverage, a steady stream of leaks about the speech. With the whole world watching, Mubarak instead offered a meandering, confused speech promising vague Constitutional changes and defiance of foreign pressure. He offered a vaguely worded delegation of power to Vice President Omar Suleiman, long after everyone in Egypt had stopped listening. It is virtually impossible to conceive of a more poorly conceived or executed speech.