You've been through this before. It happens all the time in business. Steve Case was a Genius! Until AOL bought Time Warner and he (and Gerald Levin) became World Class Schmucks. Jeffrey Skilling was on the side of the angels, until he was the Devil Incarnate. Carly Fiorina was The Bestest CEO Evah! until they booted her ass out of HP. Sub-prime mortgages are the bomb, until they are The Bomb.
I guess it's the same in politics and the only thing new is that tomorrow there will be more Geniuses -- and some of those will, somewhere down the road, become Schmucks. And when they do, the media will be there to tell us how they always knew he was a schmuck. But the media will never ever stop writing the Genius story because it's a lot less fun to be cautious , thoughtful, and/or honest than it is to write for posterity in the hope you'll be guy who discovered the next big Genius. Plus, if the Genius thing doesn't work out, there are always column inches to be filled writing the Schmuck narrative.
Karl Rove: Schmuck.