I found the image to be neither especially funny as satire, nor especially outrageous as bad satire. The problem, though, is that the actually existing whispering campaign against Obama is so severe that it doesn't really admit of satire-by-exaggeration.
I've been reading Ayn Rand's The Fountainhead before bed. Whisper campaigns are one of the situations where her crazy reality actually becomes true, where her drooling beast comes to life. Take this exchange, for instance:
Me: Hey man, what do you think of Barack Obama?
Whisper Campaign Victim: Oh, well, isn't he a Muslim?
Me: What? No! He's Christian dude. Don't you remember his reverend making all those headlines a while back?
WCV: Well, yeah, but I still think he's a Muslim.
Me: What?! Why do you think that?
WCV: His middle name's Hussain, isn't it?
Me: Sure, but what does that have anything to do with it?
WCV: And didn't he go to one of those madrassas, where they teach you how to blow up American soldiers?
Me: Dude, most schools in Indonesia are Muslim, and CNN even said that story was false. Seriously, you still think he's Muslim?
WCV: He feels like a Muslim.
Me: We're talking about a fact! What do feelings have to do with it?
WCV: You can have your opinion, and I'll have mine.
Me: I give up.
If you don't believe something like this is possible, I've got a cabbie down in Key West that I'd like you to meet.