just how much pressure it he getting from wall street?

It's amazing to me that bush simply refuses to back off or even compromise on his horrendous idea of privatizing social security. Everyone knows that it is a bad idea for everyone except for Wall Street. No one wants to gut benefits and add trillions to our debt for an idea that will not help the solvency of SS and will only hurt the average American. Yet, bush refuses to budge. This is past being stubborn, this is being stupid! Someone is certainly forcing his hand.

Bush Offers New Social Security Plan With Some Benefit Cuts;Democrats
Unmoved

WASHINGTON -- After nearly 60 days on the road pitching Social Security changes, President Bush is offering a new plan to fix its finances by cutting benefits of more prosperous future retirees. Democrats still aren't buying it.

In a prime-time news conference, Bush refused to back off his desire to carve private retirement accounts out of Social Security. Democrats say those personal accounts are a deal-breaker that would keep most of them from supporting Bush's revisions.

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If he would just back off on the stupid part of his plan, he could actually do something. The idea of adjusting the benefits to the wealthy actually makes sense, especially since they are getting a free ride with his tax cuts....But, he is never satisfied unless he screws everyone as much as possible....
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Atrios details bush's plans a little more:

The Plan

President Bush called on Congress last night to curtail future Social Security benefits for all but low-income retirees in an urgent new effort to address the popular program's shaky finances.

Let's be clear, by "low income" we're really talking about "low income." Everyone else gets big benefit cuts. Here's the CBPP analysis of the Pozen plan, which is basically what Bush is embracing.

A "medium" earner, one earning $36,507 in 2005, would see benefits cut by 16% in 2045 and 28% in 2075.

A "high" earner, one earning $58,411 in 2005, would see benefits cut by 25% in 2045, and 42% in 2075.

By 2100, basically everyone earning above $20,000 would earn exactly the same benefit, no matter how great their tax contribution was. You think Social Security provides a poor rate of return now? Just wait.

This turns the system into a modest welfare program.

And, let me add, for most workers this is worse in the long run than the "do nothing" plan - the one which assumes given current projects benefits would have to be cut 28% or so starting somewhere between 2040-2050.