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Eisenhower was all about America, democracy, and (we assume) apple pie.
But having been Supreme Commander of the Allied forces in Europe, the Supreme commander of NATO, and the Supreme Commander of the United States (a.k.a. president), Ike was well aware of the stakes of the geopolitical game and the dangers that faced the nation.
His farewell was largely a warning: don't allow special interests, the profit motive, and self-centered cynicism get in the way of America's idealistic mission. Don't spend all the resources that rightfully belong to future generations, and especially don't blow it all on weapons. And always continue to pursue disarmament and eventual peace with the Soviets and anybody else who considers America their enemy.
This speech might have been more effective if he had given it to the people actually involved in the arms industry or the military.
If Eisenhower could see a glimpse of the path America's gone down, he'd shake his head and mutter, "Can't say I didn't (say I didn't) warn you."
Eisenhower was president for eight years, and a lot happened under his watch (for starters: The Korean Armistice, the creation of the interstate highway system, the Civil Rights Act of 1957, the creation of NASA, the beginning of the nuclear arms race and the beginning of nuclear arms control efforts). A few days before his term was up, he delivered a nationally televised farewell speech to give the American people a few words of advice.
Ike had a couple of pointed criticisms (or warnings, depending on how you look at it), but he couched them in very polite and inspirational rhetoric about the ideals of America, the position of leadership the country held in the post-WWII world, and how peace and brotherhood are just the best.
Stay true to your ideals, America; don't lose your soul fighting evil.