Have Bill O’Reilly and Charles Krauthammer been hanging out with Fox News' nutty psychiatrist, Dr. Keith Ablow? How else to account for their long-distance psychoanalysis of President Obama and his “fantasy world” that may or may not be the fault of his Harvard education? And while we can laugh, the subtext is pretty darned serious.

The context for the discussion was O’Reilly’s contention – seconded by Krauthammer – that Obama deliberately pulls America’s punches when, presumably, he should be flexing muscle and giving a few international kerpows.

Fair enough, I suppose. But then O’Reilly got into baseless speculation about Obama’s mindset:

I believe that President Obama doesn’t see the border as a crisis. Doesn’t see the ISIS army as a crisis. He doesn’t see Putin as this world menace and he may see Iran as a crisis but he just wants to string it on out because as you said, rightly, he doesn’t know what to do.

So he’s basically living in a fantasy world. And that’s dangerous for the country if the president’s living in a fantasy world, right?

Get that? O’Reilly is not joining his colleagues' calls for impeachment, at least not at the moment. But he is promoting the idea that Obama is mentally incompetent.

O’Reilly later said about Obama: 

I’ll tell you what. I think he’s so disassociated from reality… that right now, President Obama is locked into this ideological fantasy world. The kind of world that they teach at Harvard. Where you adjudicated and so did I. They teach a fantasy world at Harvard, a world of what should be. Not of what is. And therefore, when you see what is, you turn away and say, “You know, nah, nah, I’m not gonna deal with that.” I really believe that’s what’s causing all of this stuff.

You can watch Krauthammer’s complete response below. He did dismiss O’Reilly’s theory. But Krauthammer came up with his own. He said, “Obama’s fantasies about the world pre-date Harvard.” Those “fantasies,” according to Krauthammer could be seen during Obama’s days at Columbia where he supported the “nutty idea” of a nuclear freeze and unilateral nuclear disarmament. “He has always had the view that American power abroad is destabilizing, often unjust and brings bad consequences,” Krauthammer concluded.

Yet another Fox News segment that purported to be about the world crises and was really just another excuse for bashing President Obama.

Watch the discussion below, from last night's The O'Reilly Factor.