George Bush's squid was originally 9/11, but it transformed into a war against Iraq. The problem was that the real squid was still there, and people got upset that they were tricked into fighting a faux squid, making the country even more divided.
Obama's squid originally seemed to be the financial crisis, but now it looks like it's going to be the Somali pirates. Obama is getting credit for authorizing the operation that rescued Captain Richard Phillips from his Somali captors, and now Somali militants are threatening retailiation and increased activity. They've claimed to have attacked a U.S. congressman's plane, but the attack was unnoticed. With the pirates becoming a clear and present danger, and everyone hating them, Obama may use this issue to strengthen ties with other nations in order to deal with the threat. The crew of Phillips' ship is asking Obama to lead the fight against piracy. Whether he does depends on if he considers it a true squid or a distraction from the one he's been fighting already. If the pirates are just posturing, like Saddam was with Bush, Obama could unnecessarily be sucked into a whirlpool he can't get out of. Somalia could become his Iraq.