It’s hard to be a Billionaire for Bush when there is no Bush. The group might have recast itself as Billionaires for Obama. But that would have required “irony we can believe in,” said Andrew Boyd, who sometimes goes by his Billionaire name, Phil T. Rich.

“Here’s the conundrum,” Mr. Boyd said. “Can you point out that the emperor has no clothes when you like the emperor  and his clothes?”

We told you this was a crisis.

Not that it’s entirely new. Satirists have struggled with the ascension of Barack Obama for a while now. Clearly, some white comedians are pulling their punches out of fear of being accused of racial insensitivity (though racial equality should mean that a black president may be skewered as thoroughly as a white one). Race aside, many comics feel that any new president deserves to be cut some slack. As an added inhibitor, some have said, this president is simply not his predecessor.

“He’s difficult to satirize,” Mr. Boyd said. “He’s very self-aware. He calls himself out on stuff. He’s able to leaven his own heaviness.” Self-awareness, Mr. Boyd said, was not a conspicuous trait of the previous president.

It should be noted that the Billionaires are not exactly equal opportunity offenders. Their politics fall squarely left of center. But unlike many activists, left or right, their weapon of choice is a rapier rather than a sledgehammer. In their reverse world, Vice President Dick Cheney was unfairly attacked and Halliburton wrongly maligned. Big Oil works for the common good, and streets must be liberated from destructive bicyclists.