Imus to FOX News's Chris Wallace: "Come to your senses."

Imus's first observation to guest Chris Wallace this morning was about FOX News personality Bret Baier, who replaced Brit Hume on the network a few weeks ago. Imus said Baier "doesn't get it done," and suggested he be moved to "weekend anchor time."

Wallace, the host of FOX News Sunday, advised Imus against relegating someone to "weekend anchor time" while talking to, well, a weekend anchor.

Attempting to recover, Imus told Wallace, "The Sunday morning show you do is a big deal." It's such a big deal, in fact, that Wallace and other Sunday morning hosts, along with the network evening news hosts, lunched with President Obama yesterday.

"[Obama] said his target demographic is three-year olds," said Wallace, adding that his three-year old grandson is a huge Obama supporter. "He asked his mother if Obama would like a son, and I wondered if he was asking academically or volunteering for the job."

As for Obama's address last night, Wallace thought he did "just fine," but that in the end it does not actually matter what Obama says; all that matters is what happens.

"Either these programs work and the economy gets better, in which case he's going to be FDR part two, and he'll be a huge national hero and an historic Presidential figure," Wallace said. "Or, it's not going to work, in which case he'll be a one-term president."

Imus argued that Obama's words were important. "Not only do I think it matters what he says," said Imus, "It matters how he says it, and whether he makes us all think that he has some sort of optimistic view about the potential to dig out of this." He then suggested Wallace "come to his senses."

Asked what specifically inspired him last night, Imus said, "I was watching Sportcenter." Joking aside, Imus was admittedly distracted during the President's speech.

"It was distracting for me to watch it, and to have to look at that wax museum, Madame Tussaud display behind him-Joe Biden and Nancy Pelosi," said Imus, likening Pelosi's over-the-top behavior to that of an 11-year old girl at a Jonas Brothers concert.

While Imus and Wallace agreed to disagree on the importance of the President's actual words, Imus conceded that results do matter. "When will it happen?" he asked Wallace.

"Who knew-Ben Bernanke said if everything goes perfect, the recession could end by the end of the year, and recovery starts next year!" joked Wallace, referring to the Federal Reserve Chairman's optimistic testimony to Congress yesterday. "God hopes that's the way it goes!"

-Julie Kanfer