Mubarak hangs in

By Thomas Lifson

After hours of hints about the Egyptian President stepping down, Hosni Mubarak gave a televised speech at 10:45 PM local time, telling Egyptians he was handing over some of his duties to his vice president, but would remain in office.

"I announce in very plain, unequivocal words that I will not run in the coming presidential elections, satisfied with what I have offered to the nation for 60 years, in time of war and peace. I announce that I will adhere to this position and similarly remain adamant to shoulder my responsibility, protecting the constitution, safeguarding the interests of the people until the authority and power is handed over to the person who will be elected in fair and free elections."

According to television news reports, the crowd in Cairo's Tahrir Square chanted "Down with Mubarak" in response.

Clearly the Egyptian president is doing his best to muddy the waters with halfway measures, while he hangs onto power. President Obama can claim the transition process is starting now, in compliance with his expressed imperative to Mubarak, but clearly the crisis is far from over. Mubarak took an indirect swipe at Obama rejecting "being dictated order from the outside."