"As frustratingly late as it was — Mr. Obama could and should have said years ago much of what he said today..."

"... there is no underestimating the importance of that statement."

So say the editors of The New York Times.

No underestimating?! What?

So if I say Obama's speech is the least significant thing ever said in the history of mankind, I'm still not underestimating it?

The editorial ends:

There have been times when we wished we could hear the right words from Mr. Obama on issues like these, and times we heard the words but wondered about his commitment. Today was not either of those moments.

There have been times when I have read the Times and wondered why the Times was putting things in those words and times when I have read the words out loud in an effort to hear whether these words were the right words. Today was both of those moments.

ADDED: Language Log has a post "Overestimating, underestimating, whatever."

It started when a friend, in conversation, said something like "No one ever went broke underestimating the intelligence of the American people. [pause] Or overestimating. Whatever."