I saw this coming, and perhaps you did too; President Obama’s popularity declines because his agenda is too radical for Americans to stomach, and that radical agenda, infused with socialism, stalls out in the face of staunch opposition from Republicans and angry frightened Democrats from conservative districts.
There will be no healthcare reform, no cap and trade, just plenty of bad economic news with a President who will look increasingly in over his head. And payback time is coming. I think it only gets worse for the White House from here. 
The shine is off the apple for a lot of Americans who voted for Obama because they thought he was a centrist. He’s not, and contrary to some of the ridiculous 2008 election post-mortems, the United States did not do a historic lurch toward socialism when it elected Obama. Independents leaned left because they thought Obama was a “new kind of democrat,” and John McCain seemed way too old, dull, unimaginative and business as usual to elect right after a traumatic stock market crash.
But the radical elements of BHO’s legislative agenda have cost him the support of an increasing number of independents. Historically, that precedes political disaster.
Meanwhile, the Democratic leaders on Capitol Hill have been trying to ram through sweeping legislation as quickly as possible and have governed rather undemocratically, as if there was never going to be another election held in America. But the 2010 elections have not been cancelled, and the Democrats and Obama face a stunning, historic political reversal. Folks out there in what the Left derisively calls “fly-over country” are ticked. And they vote.
Obama has been, like Bill Clinton especially, but also others, enabled and setup by a media establishment that desperately wants him to succeed. But all those softball questions and glowing puff pieces lead men like Obama to decide they’re even smarter and more skilled than even they thought they were. Over reach and blunders usually follow.
Btw, it’s a little creepy to hear the press laugh so heartily at BHO’s “jokes”---as if on cue—it happened again today in the briefing room with Obama’s saying he wanted to bring together Harvard Professor Henry Louis Gates and that brave Cambridge cop for “a beer “ in the White House It's a loud, forced-sounding laughter. It’s like watching the North Korean press laugh at the Great Leader’s jokes. But of course the press doesn’t fear Obama. They adore Obama and want him to succeed, at least for now.
But the silent partner of idealism is cynicism, especially among journalists, and at some point the Media establishment, that thing I've dubbed "The Blob," will decide that Obama is not the political messiah after all, and that he is--gasp!---flawed, and perhaps doesn’t have what it takes to be great. And if past press behavior is a guide --Bill Clinton comes to mind again—The Blob will begin to turn on Barack Hussein Obama.
And then the bottom could really drop out of this “fairytale presidency.”