Bill Kristol: is the President still respectable?

In an article in the Daily Standard, William Kristol offered this criticism of President Bush after he declined to pardon Scooter Libby:

So much for loyalty, or decency, or courage. For President Bush, loyalty is apparently a one-way street; decency is something he's for as long as he doesn't have to take any risks in its behalf; and courage--well, that's nowhere to be seen. Many of us used to respect President Bush. Can one respect him still?