Rex Murphy on Obama....

Rex is becoming one of our best op-ed writers....

And where is Barack Obama in all this. Well, Mr. Obama is acting curiously. He doesn't so much preside over the crisis as act like America's chosen master of ceremonies, who appears on stage to introduce its component segments. Good patter, well-chosen appearances. There's no centre to his performance. We hear as much about the First Dog (chosen, but yet to be installed) as Treasury Secretary Tim Geithner (installed, but yet to act).

Mr. Obama drops in to everyday events more than he actually manages them. He's very cool, as always, but he lacks affect. He doesn't seem to connect with the great swirl of events around him. He shows up. He doesn't act. He likes to tour, and visit happy places. He was, for example, on Jay Leno this week. If things get really bad, I expect he'd take the centre seat of that dread couch on The View. Chat up Joy and Whoopi. The President of the United States as permanent celebrity guest. And if things go completely berserk, there'll be a Barbara Walters special, the President emoting to Babs, sandwiched between teary featurettes on OctoMom and Lindsay Lohan.

The American presidency as a four-year celebrity guest spot. "Say hello to the band, Mr. President." There's something to this. Between the concocted rage of Congress over the bonuses and the faux outrage of Jon Stewart - the Obama administration's house comic - the greatest financial crisis in generations seems to summon very little but gesture and one-liners. From those, that is, who are supposed to be managing it. Those who have lost jobs and more know it's not a TV show, not an irony fest for smartass comedians or an excuse to drop by, ever so winsomely, to the late-night celebrity massage parlours.

Is Barack Obama leading the United States at this time? Or is he just a really cool guy with all the power in the world and not a whole lot of clues about how to use it?