The O stands for Zero
"Gaze into the giant zero of the Obama logo, the hole in the star-spangled donut, the vast fathomless nullity that is the gaping keyhole to the door of utopia. To a sad shriveled Republican cynic, there’s nothing there but the wide open spaces of Obama’s blank resume. But a believer will see therein the healing of the planet and the receding of the oceans. The black hole of Obama will suck you in through the awesome power of its totally cool suckiness."