From the New York Times (sports pages) on the Olympic defeat. It begins:

President Obama not only failed to bring home the gold, he could not even muster the silver or bronze.

It continues:

Losing out on the Olympics, of course, is not the sort of war-and-peace issue that defines a presidency, and the embarrassment will presumably fade in a news cycle or two. But it provides fodder for critics who are already using it as a metaphor for a president who, in their view, focuses on the wrong priorities and overestimates his capacity to persuade the world to follow his lead.