Glenn Greenwald says it best. Tom Tomorrow draws it best:

We're putting lipstick on pigs as the world passes us by.

Of course, there could be another explanation. Thomas L. Friedman has one: We're a country that votes from the gut. And Obama's playing it a little too cool.

UPDATE: Another country heard from. Former Inky colleague Terry Samuel, writing for The Root, puts it this way:

Right now it is not about the American people getting it. It is about Obama getting it. He's getting hit over the head with a baseball bat and looking like he wants to file an amicus brief about it.

Sounds like he needs a pep talk from Sean Connery's character in The Untouchables.