When Frank Rich of the New York Times is casting nervous glances toward the lifeboat you know the USS Obama is in serious trouble. Rich thinks that Obama may well be having his "Katrina Moment," the moment when Bush's alleged dithering started his approval ratings on a long downward trajectory.
Rich is terrified that the same thing might be happening to Obama because of the mess at AIG and CitiGroup:
Six weeks ago I wrote in this space that the country's surge of populist rage could devour the president's best-laid plans, including the essential Act II of the bank rescue, if he didn't get in front of it. The occasion then was the Tom Daschle firestorm. The White House seemed utterly blindsided by the public's revulsion at the moneyed insiders' culture illuminated by Daschle's post-Senate career. Yet last week's events suggest that the administration learned nothing from that brush with disaster.
The rest of his column is a plea for the administration to get its act together - which it clearly hasn't - because if they don't not only will we suffer the economic consequences but, worse than that, we'll find ourselves delivered into the hands of the evil Republicans:
As the nation's anger rose last week, the president took responsibility for what's happening on his watch - more than he needed to, given the disaster he inherited. But in the credit mess, action must match words. To fall short would be to deliver us into the catastrophic hands of a Republican opposition whose only known economic program is to reject job-creating stimulus spending and root for Obama and, by extension, the country to fail. With all due deference to Ponzi schemers from Madoff to A.I.G., this would be the biggest outrage of them all.
This is vintage Rich. He can never resist deliberately misrepresenting the political opposition in order to make rhetorical hay. But never mind. The news in this column is that even Obama's most steadfast supporters are, barely two months into the administration, inching toward the exits. That is not a good sign.
RLC