Sullivan gets it exactly right:
Preventing a second Great Depression, which was a real possibility (and not just the jobless recovery we're in, but a full-scale collapse), rescuing the banks without nationalizing them, saving the auto-companies with precision and technocratic skill (I didn't think it would work at all, and it did), re-setting relations with the rest of the world, bringing a new sanity and balance to Middle East policy, taking out 400 al Qaeda operatives, using the myth of the surge to get the hell out of Iraq (for the most part), upping the ante to get a deal with the Taliban and enacting a centrist, moderate law that for the first time in history ensures that anyone can get health insurance in this country ... really, in perspective, pretty damn remarkable.
Politically, he had to deal with a GOP gone insane, and a propaganda machine of such virulence and relentlessness that you can see he is where he is. But although he is right that he lost the connection to us, his supporters, I don't think he could have kept up the hope and change inspiration indefinitely. He would rightly have been ridiculed for not being serious at governing.
[W}hen the GOP take back the Congress, their talk radio schtick will have to face the reality of governing's hard choices. And in that battle for the center, I'd bet on Obama's reason and calm over Gingrich's flame wars, Palin's delusions and Boehner's tan.
If I were buying stock right now, I'd say the president is under-priced.
I bought in 2003, and I'm pretty happy with the returns.