Butterscotch dessert

1/2 cup butter
Scant cup flour
3/4 cup nuts
8 ounces cream cheese, softened
1 cup powdered sugar
1 container whipped topping
1 package instant butterscotch pudding
1 package instant coconut cream pudding
3 cups milk

For the first layer, combine butter, flour and nuts. Put into the bottom of a 9- by 13-inch pan. Bake at 350 degrees for 15-20 minutes. Let cool. For the second layer, mix cream cheese and powdered sugar together until soft. Add 1 cup whipped topping. Put on top of crust, carefully. For the third layer, combine instant butterscotch and coconut cream puddings and milk. Beat with a mixer until thick. Put on top of second layer. Add a layer of whipped topping on top of third layer. This does not have to be thick. Refrigerate.