Lyric discussion by georgewk 

source: vice.com/read/the-national-helped-elect-obama-but-dont-call-them-a-political-band

Matt Berninger: "We don't think of ourselves as a political band. If you read into the lyrics of any of our supposedly political songs, they aren't partisan messages. They aren't protests. We made t-shirts for Obama that said “Mr. November,” but that song was actually written about John Kerry and how uncomfortable it must be to run for president. It must be so stressful and annoying to constantly play that role."

Yeah, it makes more sense if the song was referring to not Obama, but Kerry...I think "great white hope" is kind of a giveaway in the latter direction.

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