…is back, and he’s starting to lose his faith in The One:

I had not seen Kloonkie this distraught since our days as chalet mates at a Swiss finishing school, when his mother, the late Countess Astrid Von Wallensheim-Ascencão, infamously renounced her peerage to remarry an itinerant Portuguese tennis professional.

“Coddsie, it’s not just the boat,” he sniffed. “It’s the whole damned world. Have you been to the continent lately? The economy is moribund, the Euro is falling apart, and the underclasses are too lazy to do anything but riot for longer holidays. I wrote half the EU regulations on immigration and pensions, and how do they thank me? If I moor at St. Tropez, my yacht will be confiscated by the French tax officials. If I stop at the old family island I’ll be attacked by rampaging Greek postal carriers. If stay out of harbor, I risk getting mistaken for an Israeli navy ship and blown up by some Palestinian peace flotilla. And this — this president of yours doesn’t seem to have a single idea what to do about it.”

I and my guests were momentarily stunned, this being the first time any of us had heard an ill word spoken about Mr. Obama by a European of impeccable intellect with the Hermes ascot to match. This was followed, understandably, by muffled sobs. It was left to me to gamely break the lachrymose silence. “Perhaps Kloonkie is right,” I said. “Perhaps the President has not quite turned out to be the Reagan reincarnation we all expected, and in some ways I am beginning to believe this Obama fellow is unequal to the task. As the intellectual conscience of the conservative movement, and whatever our previous enthusiasm for the chap, we ought have the courage to point out those rare instances where his performance has been found wanting. Such as foreign and domestic policy. The important thing is that we not end up implicated in his shortcomings.”

“Take the President’s economic program,” I added. “We could begin noting how little it has done to revive the fortunes of East Hampton’s polo outfitters. My own Argentine malletier Jorge, for exampIe, has returned to the pampas, leaving me to make do with last year’s model. And if the polo equipment sector is struggling I am forced to assume that other parts of the American economy may be as well. And, although we all voiced support for Mr. Obama’s plan, we should emphasize that support was merely based on what it was supposed to do. Not what it did.”

This explanation seemed to brighten the spirits of my fellow columnists, as it slowly dawned on them that they too could now venture the occasional measured criticism of the previously inviolate Mr. Obama without risk of losing their intellectual credentials or place in the social register. The effect was like the lifting of a great burden, and we began to discuss a nagging question — how exactly to account for the curious disconnect between Mr. Obama’s intentions and his results?

“Clearly, this isn’t the Barack Obama any of us swooned for during the election,” offered Peggy Noonan. “As a candidate he was fresh, intellectual, and serious. Instead, as president, he has proven to be naive, detached and aloof. Nostradamus himself could not have predicted such an astonishing 180 degree transformation.”

“Indeed, how could anyone?” added Brooks. “The fellow was a success at everything he had ever attempted — being ethnically interesting, going to Harvard, getting elected, or writing autobiographies about being ethnically interesting and going to Harvard. It was simply inconceivable that there was a task he could actually fail at. I am forced to conclude his Harvard credentials may be a sham.”

Who can blame them? No one who attended Harvard could have seen it coming.