From a brilliant dissection in the latest London Review:

Once again, Obama is choosing to leave behind the popular base of 
the Democratic Party and build an ecumenical consensus which 
starts in his head. The process seems to be intuitive, and to 
explain it one can only fall back on psychology. Obama sees 
himself as the establishment president. If a populist insurgency 
on the right presses hard against his legitimacy, if disappointed 
supporters stop giving money or knocking on doors, still he has 
the confidence of a leader whose standing is buoyed up by 
corporate leaders, by a famous general and the chairman of the 
joint chiefs of staff, by a decent preponderance of Wall Street, 
and by the mainstream media, whose resources he deploys and 
channels with a relentlessness no other president has approached. 
Barack Obama, in the first 392 days of his presidency, put himself 
on public view for photographs, interviews, ceremonies, or 
mingling with the public in one way or another on all but 27 days. 
He gave more interviews in his first year than Bill Clinton and 
George W. Bush combined. His approval rating, which stood at 70 
per cent a year ago, now hovers around 45 per cent, but it is 
possible for a president of doubtful popularity to win re-election 
if the mainstream voices rally to his side and the opposition 
lacks credible talent. Many people who voted for Obama in 2008 
were voting against McCain and Palin. The same people are capable 
of voting that way again.

Obama’s calculations, then, are plausible and may pay off; yet he 
has made mistakes nobody would have predicted. The truth is that 
he did not come into office a fully equipped politician. He was 
new to the national elite and enjoyed his membership palpably. 
This came out in debates and town meetings where he often 
mentioned that the profits from his books had lodged him in the 
highest tax bracket. It would emerge later in his comment on Lloyd 
Blankfein and Jamie Dimon, the CEOs of Goldman Sachs and J.P. 
Morgan: ‘I know both those guys; they are very savvy businessmen.’ 
One can’t imagine Franklin Roosevelt or John Kennedy saying such a 
thing, or wanting to say it. They had known ‘those guys’ all their 
lives and felt no tingle of reflected glory. Obama has not yet 
recognised that his conspicuous relish of his place among the 
elite does him two kinds of harm: it spurs resentment in people 
lower down the ladder; and it diminishes his stature among the 
grandees by showing that he needs them.

full: http://www.lrb.co.uk/v32/n09/david-bromwich/diary
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