I don't think this was a waste of time. Even if it was, black Americans need to hear from the President just like white Americans. Speeches aren't only given to supporters.
And maybe, just maybe, a few hearts and minds were changed.
It was speeches like this that allowed my to go to several black friends of mine in 2000 and ask them to consider voting for Bush. Some did, most didn't but the point then, as it is now, Bush is talking straight to these communities and he's talking about the real tools that help people become self reliant. There are many years of neglect Bush must overcome but I continue to believe that his message, if heard without party affiliation, would be embraced by the majority.
I loved this speech. As someone concerned about urban areas and the generations lost in a cycle of uncaring/broken communities/families, poor schools, failed government programs, etc. I find the President's focus to be inspiring. The complete lack of partisanship and optimistic eye are the reflection of a man who truly believes in the human spirit and the possibilities when one extends a helping hand.