Obama's Latest Relaunch: Titantic or PT 109?

I love the (ambiguity of the) “life preserver illustration” on Bill Keller’s Obama op-ed today as BK fashions himself as the Frank Rich replacement. Question is (with Obama coming out swinging on the economy, but with a history of walking most of it back), is this drawing — certainly, a far cry from ’08  — good news or bad news?

And then, what does that second panel mean, anyway?

(illustration: Nicholas Blechman.  front page teaser: Why does President Obama let his critics define him?)