No, you're not going insane. This is in actual line from Politico:
The ferocious oil leak in the Gulf of Mexico is threatening President Barack Obama's reputation for competence, just as surely as it endangers the Gulf ecosystem.
Whah-huh? Tell me, Politico, did you expect him to dive down and plug the leak himself with a giant toilet plunger? The Coast Guard was on the scene from day one! There's a whole rundown of the federal response here. I fail to see what else could have been done by the president.
This whole "Obama's Katrina" thing is just a flimsy kind of schoolyard payback from bitter Bush apologists. Get over it, Bushies.