Maybe you should post the speech? Then we can discuss whether he encouraged the use of ARMs.
I don't have time to go dig up his original speech, but the following article points out the relevant quotes:
LOL! There were no relevant quotes in that article.
From the article:
"An extended period of low interest rates and extra cash from mortgage refinancing has given borrowers flexibility (again, my emphasis) to better manage their debt.” So you see, this cash-out-mortgage-facilitated debt assumption is termed "flexibility" on his part, not an increase in leverage. Rather than fun with numbers, he has fun with definitions.