It is a conspiracy theory. That many birthers contend Pelosi is aware of his non natural born status and isn't doing anything about it is a de facto conspiracy, or that the Dept of Health in HI is hiding his BC also makes it a de facto conspiracy theory.
Obama released his BC in 2008, factcheck.org reports they saw it, examined it and said it was good. The HI health minister saw it. There is no mention in the Constitution of a long form or short form being necessary, the state of HI doesn't even issue a long form anymore (in any case it only contains additional geneological information and is not necessary to prove citizenship, only the place of birth is necessary and it is clearly Honolulu). Even that law that says non residents can get a HI BC doesn't really prove anything, the law clearly states that your place of birth is listed even though you have a HI BC, To use an example from the dept of helath, if you were born in Bali your birth location is listed as Bali, not a place in HI.
This issue was taken care of during the campaign, everyone except a few have moved on from it. We may not like him for what he's doing, but attacking his citizenship isn't the way to go about opposing him, in fact it hurts the movement by tarring everyone as crazy.
Marxist? Yes. Socialist? Yes. Corrupt? Quite possibly. But is he allowed to be President? The only reasonable answer is yes, he was voted in, and confirmed.
Thats the last I'm saying on the issue, if by now people aren't convinced, its because they don't want to be. I've moved on, I suggest you do to.
I did not say anything about his birth certificate, now did I?