Well not being an Obama fan at all, I will say that it was in bad taste to say the least. Given that, I would also say that Mrs. Reagan was indeed dealing in pagan practices of the occult in an effort to get a leg up on her husbands scheduling. That in it self is pretty weird coming from the White House. And yes, I know she wasn't the president.
I would also add that although in poor taste, Obama did call her and personally apologise for the remarks. Apparently he was forgiven.
With any luck he will continue to put his foot in his mouth in public.