Warning: Long post!
I submit that you can.
I wouldn't put words in his mouth, but it seems to me that rdowns' lament is that mods and admins are spending as much time slapping people on the wrist as they are interacting with people, and that perhaps there was once a time that mods and admins were users much more than they were nannies.
"Balance" as a 50/50 affair is not always a good thing.
It's interesting that moderating is being viewed as "slapping people on the wrist" and being "nannies". I'll turn it around and say that the amount of time that needs to be spent in this type of moderation is a direct result of how members post.

(disclaimer: I apologise to the many, many members who make great contributions to the community!)
As for there being a time when mods and admins were users much more than they were nannies, maflynn pointed out that that balance is natural when a forum is small. Fewer members means more contact in general, including more interaction between members/mods/admins in the forums. With over 600,000 members, that's unfortunately simply not possible.
This comment by Q jives completely with my own experience:
Equating "slapping people on the wrist" with working as a moderator is incorrect. More moderator time (of the 46% I mentioned) is spent helping users and working on policy/site issues than on forum discipline. Which means that moderators spend a good deal more time in the forums than issuing warnings or bans.
Helping people who contact us with questions about or technical problems with the forums, and working on policy (often brought up via members' suggestions) takes up a lot of the time we spend moderating/administrating.
As Q pointed out, there can be many reasons any member, including a mod or admin, posts less or appears to post less. The following is my own experience:
My posting frequency was on the way down when I was asked to be a mod in 2009. I read the forums just as much or even more at that point, but I found that the questions I could answer were already answered by the time I got to them, there were more questions I couldn't answer, and the influx of iOS questions left me out entirely because I didn't have an iOS device. I read a lot because I found the conversations interesting, but I simply didn't have anything to add. Sort of like what balamw describes in his post.
It also took me a long time to get my land legs as far as posting with the "moderator" tag next to my name, much more than the other mods, I think. I found myself not posting where I otherwise would've, because I was (in retrospect overly) worried that anything I said would be taken as an official statement. I didn't want to inadvertently quash a conversation. Like I say, I was overly worried about this - looking back on it, I don't think members would've looked at it that way at all - but it was part of my process of adjusting to my new role. Coupled with the MANY things I had to learn how to do as a new mod, it resulted in my posting frequency in public forums going down. My reading of the forums however increased quite a bit, so I actually got a much better feeling for the forum as a whole, and could make good contributions to discussions about post reports etc.
As an admin, there are of course more housekeeping tasks to do - things that require a good bit of time, that have to be done either daily or at certain times or intervals, and that are completely invisible to members (unless they're not done, of course

).
I also think members aren't aware of just how much effort goes into post reports. We spend a lot of time discussing issues that members report, because we strive to act as fairly as possible. Members have made it very clear that consistency is important, and that's foremost in our minds when we discuss. There are a LOT of post reports, and the discussion of any one can involve several mods/admins over several time zones. Sure, if we hadn't spent the time posting in those discussions we could've each made that number of posts in a public forum. But the general level of the forums would slowly deteriorate, because we were spending the time we had in public discussions and not in dealing with issues members were specifically asking us to deal with.
I guess for me the bottom line is that of course I think all mods and admins and the site owner should be as visible as possible and participate as much as possible. I don't think anyone disagrees on that, and I certainly wish I had more time to spend in the forums as a member. Although there is a LOT that goes on behind the scenes that requires time, I think the moderators in particular manage to be very visible and to participate. And my descriptions of my own forum participation patterns are meant only to give an insight into how and why visible participation can vary over time.
What disturbs me the most is the perception of moderation as being slaps on the wrist and nanny activity. We moderate as little as possible. Deleting posts and sending reminders is not a fun activity, it doesn't give a power rush. I'd like to challenge those who share the view that the moderators have become nannies: next time you're disgruntled with moderation, take a look at your own posting history and ask yourself what sort of member you are or have become. Are you posting constructive comments and suggestions and answering members' questions, or are you derailing conversations with insults or sarcastic comments?

Are we having to spend our time cleaning up threads as a result of your posts, or sending you reminders because you're not willing to follow the rules?
(again - a disclaimer for the members who have continually made positive contributions to the community

)