By now, many of you have probably read Frank Rich’s inaugural piece for New York Magazine. Freed from the bean counters and word counters of the New York Times, Rich pours forth pages (and pages) on what he calls “Obama’s Original Sin.”

That sin, as the story explains, is that the Obama administration’s failure to properly investigate the causes of the financial crisis, its failure to hold anyone accountable, and its embrace of some of the very people that helped push the US economy into the, uh, ditch have left the president’s reelection prospects on shaky ground.

Matt Taibbi (who is quoted in the Rich piece) has called the NY Mag article “Rich’s broadside,” and cites it as one of a growing list of “not quite mainstream media” stories on the epic failure that is the president’s approach to Wall Street. Taibbi sees Rich and raises him, but both are playing roughly the same hand: Frank Rich is being tough on Barack Obama.

I am not going to say that Rich is not being tough, per se, just that he isn’t as tough as he thinks.

I am sure that Frank thinks he is being tough now because he was once much less so. As Matt notes in his post, Rich was once one of Obama’s biggest cheerleaders. In fact, if I may add a personal note, I had always enjoyed reading Rich during the Bush years, but as the November 2008 election drew near, even I started to blush from the Times columnist’s overt man-crush on the Democratic nominee.

In other words, Frank Rich’s opinion of Obama has fallen a long way because Rich’s opinion had a long way to fall.

To be fair, Rich does point out that Obama has a truly dreadful record on jobs creation. Rich also bemoans how many Robert Rubin acolytes the president appointed to his economic team. And, the article rightfully chastises Obama’s embrace of the deficit peacocks and their TEA-infused austerity framing.

But Rich spends a good chunk of his piece trashing GOP presidential hopeful Mitt Romney. Now, Romney deserves trashing—he is an even bigger jerk than he is a phony—but focusing on the big, bad Republican that waits in the wings plays into the Obama team’s own defense strategy—things might be bad, but they would be worse under President Jerkoff. And that not only lets the current president off the hook a bit, it hampers those that want to organize to push Obama leftward (as in, at least somewhere back near the center).

What Rich misses is that the birth of the Tea Party (or the TEA-colored parties that we lump under that one rubric) owes something to the very positions Obama has taken with regard to the economic crisis. The Tea Party that Obama and his defenders blame for his difficulties in governing, that O & Co. warn us about as the hellish alternative to “four more years”—though in many ways incubated and manipulated by rightwing corporate interests—found fertile ground in a scared and angry population that saw a president who promised change and delivered more of the same.

That Obama ran with the Bush bailout of the banks, demanding nothing in return, while shorting his own stimulus package and marginalizing the voices that clamored for pump-priming and accountability—failing to a) produce enough jobs, while b) trying to sell the “how much worse it would have been” argument, and c) holding no one accountable—sent a message that if Obama was on a sinking ship with too few life boats, it would be Wall Street first, not women and children. . . or any of the other inhabitants of Main Street. Obama may have started as a poor kid from Hawaii, but he has cemented himself in many Americans’ minds as just another eastern elite.

I know Rich thinks he is being rough on the president—partly because, a few months back, I overheard Frank telling a table of bold-faced dinner companions sitting near me at a midtown restaurant how tough one of his columns (one of the last he’d write for the New York Times) was going to be on Obama. . . only to read the column that Sunday and find it not so tough at all. I also know Rich thinks he is being tough because he ends with a warning that no one but Obama can save Obama (and so, save America from Mitt). But only four paragraphs before that, Rich writes that “There’s not much Obama can do about the economy by 2012 given the debt ceiling fight. . . and nihilistic Capitol Hill antagonists opposed to any government spending that might create jobs. . . .”

Granted, this was written before the Thursday bombshell about Social Security being put on the table by a president eager to make a deal—any deal—on the debt ceiling, but anyone paying attention saw that (along with hits to Medicare and Medicaid) coming weeks if not months or years ago. But even so, even if Rich, like so much of the liberal establishment, has been willfully ignorant to that, the declaration that the President of the United States is fated to just sit on his hands and watch Americans suffer for the next 17 months because the big banker elites and the tea-party rabble won’t let him help America and so help himself—well, so help me, how is that being tough on Obama?

Let me be a little tougher: I never expected a hero or a real progressive when I voted for Obama in 2008, but I expected some kind of leader. I hoped that, though not my idea of a liberal, Obama was smart, would see what the great crisis of our time demanded, and would rise—at least in part—to the occasion.

Obama might think he has done that. Obama might think he is a leader, or if not quite that, at least a transcendent, post-partisan facilitator, but, if I may borrow from Apocalypse Now, Obama is neither. He is an errand boy, sent by grocery clerks—in this case, Wall Street and the corporate elite—to collect a bill.

What’s on that bill? Yes, there is real money—in the trillions. Perhaps Obama’s own downfall, too. (How ironic.) Quite possibly, the bill also demands the destruction of the Democratic Party, and even more likely, the destruction of the social safety net that Democrats have built and defended for over two generations. That’s what Team Obama has put on the table.

That’s my humble take on being “tough on Obama.” But, be it Rich or me, no matter—what Obama has delivered will be tough on all of us.