Yes, that Olympic rejection really makes Obama look weak...
Talk about a contemptuous outside world.
Of course, the "outside world" didn't make the decisions in either case, but it's worth considering who did. The Olympic bid was awarded by a diverse group of 106 individuals hailing from many different countries. The Nobel Peace Prize was awarded by these five Norwegians.
In fairness to Fallows, he did write a more compelling post on the subject later, giving a former speech writer's analysis of the President's remarks this morning on hearing he had won the prize.