At the NY Post, regular opinionist Mark Cunningham notes the inability of the Obama campaign to come up with an answer to its slipping popularity. Cunningham's cogent explanation is that Obama has no real experience in a competitive election, and the folks running his campaign only have experience in extremely blue states or in losing national campaigns.
In other words, they're all true-blue Democrats, which is exactly what they've been acting like lately.
Meanwhile, US News and Book of Lists columnist James Pethokoukis compares the Obama phenomenon to various speculative bubbles in economics, like the classic tulip bulb bubble or the more recent tech stock bubble. The analogy isn't perfect, but the behavior of crowds nevertheless can explain a lot.
In other words, he used to look cool, but now it's time to get serious.