Edwards and Clinton are really slamming Obama for his Reagan comments during an interview with the Reno Gazette-Journal. But they're absolutely distorting the Senator's comments, and they know it. If they at least took the time to watch the brief Reagan comment (in a 50 minute interview), they'd know he wasn't endorsing Reagan or his policies.
Have you watched the clip? Where he talks about Reagan? He doesn't in any way praise Reagan or his presidency. He talks about how Reagan seized a moment in history, and completely changed the direction of the country. What's interesting is how he delivers it. It almost sounds like he's saying something in praise of Reagan. But he's not. He's just describing, in a very professorial way, what he sees as a parallel between this moment in history - 2008 - and 1980, when Reagan was first elected. In response to a question about his candidacy. Obama is saying that this is a similar time in history, with an opportunity to change the trajectory of the country (to the left, instead of the right) that is similar to what happened in the 1980 campaign.
Watch the clip:
After this interview, the Reno Gazette-Journal endorsed Obama. And remember, Obama is openly calling for tax increases, universal healthcare, getting out of Iraq, and doing something about global warming. Things Reagan would never support.