The curtain has come down on what can best be described as a brief un-American moment in our history. That moment began in the fall of 2008, with the great financial panic, and gave rise to the Barack Obama phenomenon.

The nation's faith in institutions and time-honored ways had cracked. In a little-known senator from Illinois millions of Americans came to see a savior who would deliver the nation out of its troubles. Gone was the empiricism in political life that had marked the American temper in politics. A charismatic leader had risen in a manner akin to the way politics plays out in distressed and Third World societies.There is nothing surprising about where Mr. Obama finds himself today. He had been made by charisma, and political magic, and has been felled by it. If his rise had been spectacular, so, too, has been his fall. The speed with which some of his devotees have turned on him—and their unwillingness to own up to what their infatuation had wrought—is nothing short of astounding. But this is the bargain Mr. Obama had made with political fortune.

He was a blank slate, and devotees projected onto him what they wanted or wished. In the manner of political redeemers who have marked—and wrecked—the politics of the Arab world and Latin America, Mr. Obama left the crowd to its most precious and volatile asset—its imagination. There was no internal coherence to the coalition that swept him to power. There was cultural "cool" and racial absolution for the white professional classes who were the first to embrace him. There was understandable racial pride on the part of the African-American community that came around to his banners after it ditched the Clinton dynasty. The white working class had been slow to be convinced. The technocracy and elitism of Mr. Obama's campaign—indeed of his whole persona—troubled that big constituency, much more, I believe, than did his race and name. The promise of economic help, of an interventionist state that would salvage ailing industries and provide a safety net for the working poor, reconciled these voters to a candidate they viewed with a healthy measure of suspicion. He had been caught denigrating them as people "clinging to their guns and religion," but they had forgiven him.

Mr. Obama himself authored the tale of his own political crisis. He had won an election, but he took it as a plebiscite granting him a writ to remake the basic political compact of this republic. Mr. Obama's self-regard, and his reading of his mandate, overwhelmed all restraint. The age-old American balance between a relatively small government and a larger role for the agencies of civil society was suddenly turned on its head. Speed was of the essence to the Obama team and its allies, the powerful barons in Congress. Better ram down sweeping social programs—a big liberal agenda before the people stirred to life again.

Progressives pressed for a draconian attack on the workings of our health care, and on the broader balance between the state and the marketplace. The economic stimulus, ObamaCare, the large deficits, the bailout package for the automobile industry—these, and so much more, were nothing short of a fundamental assault on the givens of the American social compact. And then there was the hubris of the man at the helm: He was everywhere, and pronounced on matters large and small. This was political death by the teleprompter.

Americans don't deify their leaders or hang on their utterances, but Mr. Obama succumbed to what the devotees said of him: He was the Awaited One. A measure of reticence could have served him. But the flight had been heady, and in the manner of Icarus, Mr. Obama flew too close to the sun. We have had stylish presidents, none more so than JFK. But Kennedy was an ironist and never fell for his own mystique. Mr. Obama's self-regard comes without irony—he himself now owns up to the "remoteness and detachment" of his governing style. We don't have in this republic the technocratic model of the European states, where a bureaucratic elite disposes of public policy with scant regard for the popular will. Mr. Obama was smitten with his own specialness.

In this extraordinary tale of hubris undone, the Europeans—more even than the people in Islamic lands—can be assigned no small share of blame. They overdid the enthusiasm for the star who had risen in America. It was the way in Paris and Berlin (not to forget Oslo of course) of rebuking all that played out in America since 9/11—the vigilance, the wars in Afghanistan and Iraq, the sense that America's interests and ways were threatened by a vengeful Islamism. But while the Europeans and Muslim crowds hailed him, they damned his country all the same. For his part, Mr. Obama played along, and in Ankara, Cairo, Paris and Berlin he offered penance aplenty for American ways.

But no sooner had the country recovered its poise, it drew a line for Mr. Obama. The "bluest" of states, Massachusetts, sent to Washington a senator who had behind him three decades of service in the National Guard, who proclaimed his pride in his "army values" and was unapologetic in his assertion that it was more urgent to hunt down terrorists than to provide for their legal defense. Then the close call on Christmas Day at the hands of the Nigerian jihadist Umar Farouk Abdulmutallab demonstrated that the terrorist threat had not receded. The president did his best to recover: We are at war, he suddenly proclaimed. Nor were we in need of penance abroad. Rumors of our decline had been exaggerated. The generosity of the American response to Haiti, when compared to what India and China had provided, was a stark reminder that this remains an exceptional nation that needs no apologies in distant lands.

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A historical hallmark of "isms" and charismatic movements is to dig deeper when they falter—to insist that the "thing" itself, whether it be Peronism, or socialism, etc., had not been tried but that the leader had been undone by forces that hemmed him in. It is true to this history that countless voices on the left now want Obama to be Obama. The economic stimulus, the true believers say, had not gone astray, it only needed to be larger; the popular revolt against ObamaCare would subside if and when a new system was put in place. There had been that magical moment—the campaign of 2008—and the true believers want to return to it. But reality is merciless. The spell is broken. Mr. Ajami in WSJ