Ollie North/Osama Bin Laden connection?

I received this in the mail from a friend in the US. This is very possibly (probably, if not almost certainly) an urban legend and/or simply a joke. A quick internet search on some of the urban legend sites didn’t uncover anything however. Anyone care to debunk it, please?
At a UNC lecture the other day they played an old video of Lt. Col. Oliver North testifying at the Iran-Contra hearings. There was Ollie in front of God and country getting the third degree. But what he said was stunning!
He was being drilled by some senator; “Did you not recently spend close to $60,000 for a home security system?”

Ollie replied, “Yes I did sir.”

The senator continued, trying to get a laugh out of the audience, “Isn’t this just a little excessive?”

‘No sir,’ continued Ollie.

“No? And why not?” the senator asked.

“Because the lives of my family and I were threatened sir.”

Threatened? By whom?" the senator questioned.

‘By a terrorist, sir.’ Ollie answered.

'Terrorist? What terrorist could possibly scare you that much?"

“His name is Osama bin Laden sir.” Ollie replied.

At this point the senator tried to repeat the name, but couldn’t pronounce it, which most people back then probably couldn’t. A couple of people laughed at the attempt.

Then the senator continued. “Why are you so afraid of this man?” the senator asked.

“Because sir, he is the most evil person alive that I know of,” Ollie answered.

“And what do you recommend we do about him?” asked the senator.

“Well sir, if it were up to me, I would recommend that an assassin team be formed to eliminate him and his men from the face of the earth.”

The senator disagreed with this approach and that was all that was shown of the clip.

A quick internet search on the first urban legend site I visited uncovered it immediately.

That was fast <g>. Straight Dope: Fighting ignorance, in 30 seconds or less, or your money back

Don’t know how I missed it - thanks.

We may as well close this thread now -

It doesn’t help that Paul Harvey reported this bullshit as fact a few days ago.