Obama can inspire, but can he lead?

That has been my question for awhile now. I donated to his Senate campaign after his 2004 DNC speech, which is the first and only time I have contributed to any Senate campaign (and I live in NY).

Stephen Hayes thinks Obama could be like Reagan:

Throughout his campaign, Reagan fought off charges that his candidacy was built more on optimism than policies. The charges came from reporters and opponents. John Anderson, a rival in the Republican primary who ran as an independent in the general election, complained that Reagan offered little more than "old platitudes and old generalities."

Conservatives understood that this Reagan-as-a-simpleton view was a caricature (something made even clearer in several recent books, particularly Reagan's own diaries). That his opponents never got this is what led to their undoing. Those critics who giggled about his turn alongside a chimp were considerably less delighted when Reagan won 44 states and 489 electoral votes in November.

Are Republicans making the same mistake with Barack Obama?

For months now, Hillary Clinton has suggested that Mr. Obama is all rhetoric, no substance. This claim, or some version of it, has been at the center of her campaign since November. One day after losing to him in Wisconsin and Hawaii -- her ninth and tenth consecutive defeats -- she rather incredibly went back to it again. "It's time we moved from good words to good works, from sound bites to sound solutions," she said -- a formulation that could be mistaken for a sound bite.

As she complained about his lack of substance, tens of thousands of people lined up in city after city, sometimes in subfreezing temperatures, for a chance to get a shot of some Mr. Obama hopemongering. Plainly, her critique is not working.

This part of Hayes' piece leads me to believe that Obama understands the Constitution better than McCain:

At Cornell College on Dec. 5, for example, a student asked Mr. Obama how his administration would view the Second Amendment. He replied: "There's a Supreme Court case that's going to be decided fairly soon about what the Second Amendment means. I taught Constitutional Law for 10 years, so I've got my opinion. And my opinion is that the Second Amendment is probably -- it is an individual right and not just a right of the militia. That's what I expect the Supreme Court to rule. I think that's a fair reading of the text of the Constitution. And so I respect the right of lawful gun owners to hunt, fish, protect their families."

Then came the pivot:

"Like all rights, though, they are constrained and bound by the needs of the community . . . So when I look at Chicago and 34 Chicago public school students gunned down in a single school year, then I don't think the Second Amendment prohibits us from taking action and making sure that, for example, ATF can share tracing information about illegal handguns that are used on the streets and track them to the gun dealers to find out -- what are you doing?"

In conclusion:

"There is a tradition of gun ownership in this country that can be respected that is not mutually exclusive with making sure that we are shutting down gun traffic that is killing kids on our streets. The argument I have with the NRA is not whether people have the right to bear arms. The problem is they believe any constraint or regulation whatsoever is something that they have to beat back. And I don't think that's how most lawful firearms owners think."

DISCLOSURE: I'm long 2008DEM.NOM.OBAMA, and short 2008.PRES.OBAMA.

UPDATE: Greg Mankiw worries, too.