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President Obama admitted today the natiional security system failed on Christmas Day, 2009, and disaster was averted by "brave individuals." According to Keith Olbermann, President Obama said today, "This was a screw-up that could have been disastrous. We dodged a bullet, but just barely. It was averted by brave individuals, not because the system worked. And that’s not acceptable. While there will be a tendency for finger-pointing, I will not tolerate it."

According to the President, the United States had all the intelligence it needed to prevent the alleged terrorist from boarding the plan, but the intelligence was not fully analyzed or leveraged.

The video above includes Olbermann’s complete analysis of the President’s meeting today with 20 top officials representing the entire security and intelligence apparatus.