Krauthammer: Obama's Devalued Presidential Currency

Why has President Obama put so many eggs into the basket of this week's jobs speech? Krauthammer explains.

Because in his own personal history, speeches, great speeches or great moments have created him. The one at the convention in 2004 created him, and then he had the Jeremiah Wright problem. He delivered a speech on race. I thought it was an awful speech, but it was welcomed like Lincoln at Cooper Union.

So he’s had these speeches where he’s sort of rescued himself or created himself, and he thinks in his own mind that he has an unlimited capacity to do this again and again. I think he’s debased the currency: the same way the Federal Reserve is debasing our real currency he’s debasing the currency of presidential authority and presence.