You wouldn’t expect Al-Jazeera and the Guardian newspaper in Britain to do anything but spin the “Palestine Papers” — the leaked transcripts of late Bush administration negotiations between Israeli, Palestinian, and American officials — to the max. And so they have, today, with shocked responses from foreign-policy types. Indeed, an editor at Foreign Policy magazine went so far as to declare on Twitter that the “two state solution is dead” as a result.

But the reality of the papers themselves turns out to be incredibly boring. Yes, during the months surrounding the Annapolis summit in 2008, there were negotiations. Yes, these negotiations concerned issues such as borders, Jerusalem, refugees, security, and settlements. Yes, the two sides discussed land swaps that would enable Israel to retain major settlement blocs. Yes, in private, the Palestinians acknowledged that the Jewish Quarter of Jerusalem is not going to be handed over to them and that Israel will not consent to being flooded with millions of Arab refugees. Yes, in private, the negotiators treated each other with respect and even graciousness. No, the talks did not succeed. This is news?

The Palestine Papers, however, come off badly for the leader of Israel’s opposition, Tzipi Livni, who was then-PM Ehud Olmert’s foreign minister at the time and one of the dramatis personae of the negotiations. Livni’s political liability is that too many Israelis think she isn’t tough enough to be prime minister. She has a tendency to denigrate her own side as a way of ingratiating herself to hostile audiences. To this day, she forcefully criticizes her own country and government while abroad and in front of audiences who have little affection for Israel (see her recent appearance with ABC’s Christiane Amanpour). She seems to think this wins her points for impartiality.

The Palestine Papers show her doing much the same in private, offering to collude with the Palestinians to invent pretexts for letting terrorists out of jail and dismissing Israel’s claim to the Golan Heights (“We’re giving up the Golan”). These indulgences may stick in voters’ minds in Israel and make it that much harder for her to dispel the fear that if awarded the premiership, she’ll give the store away.

But the biggest loser in the Palestine Papers is someone who was not even on the scene at the time. That is President Obama, who chose to make Israeli settlements the centerpiece of the peace process. The papers show that one of the only areas on which the sides had come close to an agreement was the acceptability of land swaps as a solution to the settlements controversy. Today, at Obama’s behest, the Palestinians insist on a complete settlement freeze before they’ll even talk — including in areas that just two years ago they had agreed were already de facto Israeli. Thus did Obama turn back the clock on one of the only points of relative consensus and progress between the two sides. The opener to this Jerusalem Post story captures the absurdity of the situation:

With the Palestinian Authority making an international incident over every plan to build in Jewish neighborhoods in Jerusalem beyond the Green Line, a cache of some 1,600 documents—mostly form [sic] the Palestinian Negotiating Unit—shows that in 2008 the PA was willing to recognize eventual Israeli control over all those neighborhoods, with the exception of Har Homa.

This is actually unfair to the Palestinians. They didn’t make construction in Jewish neighborhoods in Jerusalem an “international incident.” That was Obama, who has criticized construction in these neighborhoods repeatedly. There is not much news in the Palestine Papers to anyone familiar with the Annapolis-era negotiations. But they do provide another example of how badly the Obama administration has handled the peace process.