No, we're in Stage 2 of the cycle.
Conservatives point out some irksome display by Obama. No big deal, just noting his general scumbaggery.
Then, the liberals respond with screams of terror/laughs "Oh my Gaia! Why don't you just impeach him for a coffee cup salute! Bush did something similar once and now you want to kill Obama and burn down villages and shoot gays in the back of the head and kick blacks off the bus! You guys are completely insane! He doesn't even have to salute! You racists are always losing your minds! You just can't stand that he's black! Holy cow, now you want to kill him because of this?!? You're a crazy person!!"
Exactly