Presidents Obama's defines what Rahm Emanuel meant by the President's first debate being a "Hawaii Moment":
"What he was probably referring to—he and I, when we were in the Oval Office sometimes and the banks looked like they were melting down and the Afghan war is raging and the auto industry is on the verge of collapse, and we’d sit here at the end of the day and we’d have little fantasies about us taking our families and just moving to Hawaii and opening up a T-shirt shack on the North Shore, and we’d just sell T-shirts and maybe smoothies and sit there and watch the waves. So that might have been the reference he was making."
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Read more: http://newsfeed.time.com/2012/12/20/obama-interview-his-disastrous-first-debate-was-a-hawaii-moment/#ixzz2FcaQif2e