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Obama displays profound ignorance of asymetric warfare
By stating that Iran isn't a threat because they spend much less on defense than the US, Obama displays a complete ignorance of how asymmetric warfare operates. The AQ "defense budget" for pulling off 9/11, was by comparison to the US, essentially zero.
An analysis of the Iranian order of battle and where they've been spending their defense dollars over the past 10 years would show that they are a serious threat in certain specific areas. They've been investing heavily in coastal batteries, anti-ship missile systems, silent diesel electric subs, and such. They could turn the narrow strait of Hormuz into an unnavigable scrap yard faster than the US Navy could stop them or the US Air force could neutralize those batteries and missiles.
Are the Iranians going to bomb NYC or invade Chicago? No. Can they be a major PITA to the rest of the world if they decided to suicidally squeeze oil shipments through the straight? Absolutely.