Obama's "Waterloo", has it finally arrived?

Former Clinton adviser, Dick Morris, appeared on the July 20th edition of Fox's "Hannity's America" program. Hannity asked Mr. Morris if Obama's apparent rush to push through his health care initiative had anything to do with his declining poll numbers:

HANNITY: There's a question here... Now that [Obama's] poll numbers are coming down, has that been the reason for the big push for health care?... To get it out of the way because there's no chance later?

MORRIS: Yes. I wrote a book that I think [Obama] read. The first chapter is called "The New Prince," and the first chapter was [about] the need for a daily majority. And it said when the president of the United States drops below the 50s in job approval into the low 40s, he's functionally out of office. It's as if he's a prime minister in Britain who just lost a vote of confidence.

MORRIS: He's at 51 now according to Rasmussen.... And everybody agrees he's dropped 10 to 15 in the last three months. When those numbers go into the 40s, he won't be able to pass anything, so he's desperate to get cap-and-trade and health care reform as fast as he can until he becomes too politically impotent to do it...

From Rasmussen's July 26th daily tracking poll:

40% of the nation's voters now Strongly Disapprove of the way Barack Obama is performing his role as President, while 29% Strongly Approve, giving Obama a Presidential Approval Index rating of -11. That’s the first time his ratings have reached double digits in negative territory.... Overall, 49% of voters say they at least somewhat approve of the President's performance. 50% disapprove.

Back to the July 20th interview:

HANNITY: But [Obama's] pretty much gotten everything that he's wanted... He's got his earmarks. He got his omnibus. He's got cap-and-trade in the House. Working its way through the Senate. He's pushing now for health care. But it's interesting. Now we've got Democratic senators, Democratic governors, Blue Dog Democrats in the House. Now they're the ones standing up to him. Why is that happening?

MORRIS: Well, because he's not in the 60s anymore... and they see he's going down, and they have to run without him, and they have to survive the day after, and I believe... he is meeting his Waterloo as we speak...

"40% of the nation's voters now Strongly Disapprove of the way that Barack Obama is performing his role as President, while 29% Strongly Approve... Overall, 49% of voters say they at least somewhat approve of the President's performance. 50% disapprove..."