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Palin

The last time Obama was really losing (NH in my opinion).  It was precisely because the narrative was wrested out of his hands and it looked like him and Edwards ganging up in Hillary.

Likewise I think a similar dynamic could be occurring now.  Not to say that I think that is necessarily a bad thing.  I look at it like a good cop bad cop routine.  Obama may be down in the polls while the attacks are going on, but I bet they have a lasting effect over time and that he goes back up.

In economics there are two rules.  Rules for long term and rules for short term.  Likewise the same applies to elections.  The short term still matters, but not right now.