This is the Obama we've been waiting for

Then there’s climate policy. The Obama administration’s new rules on power plants won’t be enough in themselves to save the planet, but they’re a real start — and are by far the most important environmental initiative since the Clean Air Act. I’d add that this is an issue on which Mr. Obama is showing some real passion.

Oh, and financial reform, although it’s much weaker than it should have been, is real — just ask all those Wall Street types who, enraged by the new limits on their wheeling and dealing, have turned their backs on the Democrats.

Put it all together, and Mr. Obama is looking like a very consequential president indeed. There were huge missed opportunities early in his administration — inadequate stimulus, the failure to offer significant relief to distressed homeowners. Also, he wasted years in pursuit of a Grand Bargain on the budget that, aside from turning out to be impossible, would have moved America in the wrong direction. But in his second term he is making good on the promise of real change for the better. So why all the bad press?