If borrowers got mortgages that they didn't deserve

In R. Rubin's memoirs he tells of the time Bill Clinton called him into the oval office and ordered him to "teach me everything I need to know about the economy." That was when he learned the famous, "bonds rule everything" meme. In any event, Rubin was incredulous at how fast and how thoroughly Clinton learned the details. And That's when, Rubin claims, Clinton took over, ran the show completely, and Rubin was relegated to assist only when needed. It was obvious Rubin was in awe of Clinton's grasp of the minutia.

So, my point is, even if Obama's knowledge doesn't come up to Clinton's, the idea that a brilliant guy like Obama isn't in firm control, I find doubtful. And now he finds himself, probably beyond the point of no return.

There aren't any.  None.  These two are members of the Great Minds Think Alike Club, for heaven's sake - have been since before Obama nominated Geithner for the position - that's how they knew they had a total mind-meld on the economy.  So, if you believe Geithner is incompetent, you have to believe Obama is, too.  And if "incompetent" isn't quite the right word - because it appears Geithner is doing -and doing well - what Obama wants him to do, then maybe the word you're looking for is "dangerous," because both of them have, in my opinion, done more to harm the economy - and negatively affect more lives than have been positively affected by their decisions.

Whether he's dangerous, or wrong-headed, or elitist, or committing malpractice on the economy, Geithner's not the president - he works for Obama - so the person at whom the criticism needs to be directed is the one at the top.

Like Anne said, this is what Obama wants because this is what Obama thinks is best.  And THAT, on its own, is enough evidence that Obama doesn't deserve a second term.  But he'll get it, because, well, as I've been told, we just can't possibly do any better, and if we hold Obama to the fire, shoot, we'll be committing national suicide.

In this view, as long as the foreclosures are spaced out enough to keep pressure off the banks, letting foreclosures happen ultimately gets us back to a better economy.

But Obama does not work for us; he works for his Uberwealthy and Corporate Masters.

And he is our finest example to date of the Neolib, Corporatist, Free-Market Loving member of the non-Democratic Wing of the Democratic Party.

Interesting post from Robert Cruickshank on that:

The bigger problem is that it is very difficult to successfully maintain a coalition in today's Democratic Party. Michael Gerson has identified something I have been arguing for some time - that the Democratic Party is actually two parties artificially melded together. I wrote about this in the California context last fall - today's Democratic Party has two wings to it. One wing is progressive, anti-corporate, and distrusts the free market. The other wing is neoliberal, pro-corporate, and trusts the free market.

These two wings have antithetical views on many, many things. Neoliberals believe that privatization of public schools is a good idea. Progressives vow to fight that with every bone in their body. Neoliberals believe that less regulation means a healthier economy. Progressives believe that we are in a severe recession right now precisely because of less regulation. Neoliberals believe that corporate power is just fine, progressives see it as a threat to democracy.

In the old days, we could each negotiate with a bank when things were not going smoothly for us.  When I was 23, someone that I was dating way back then negotiated with his two brothers to maintain the right to clear up the back debt on one of their grandfathers ranches.  He had a couple, but he sort of lost it before he passed away and everything was in foreclosure.  He left everything to them.

They got together and realized there was no way to save it all so they chose the one ranch with the best prospects and started negotiating with the bank to include lawyers who were slowing down the foreclosure process because of the mental state their grandfather passed in.  They did save their ranch, they got it running in the black, paid back all the back payments and whatever fees were agreed upon, ran it for a few years after that, sold it for 13 million when they wanted to do something separate with their lives for a change.

But I can't believe that where we find ourselves today, the day after a 300 point drop on the Dow and another down day today, hasn't got them scared. They were too good with their sadistic policies, and even economists learned about Marie Antoinette in college.

You remember when they set off the first atomic bomb in the Utah (I think) desert? They were afraid the fission they started wouldn't stop, and they'd blow up the world.

FDR realized that and began to again fund the stimuls and programs to rebuild the economy.

Obama never even started to do what FDR did; Obama will not realize his mistake, now in 2011 or 2012.

So, Obama may be getting his downturn, a second dip in the long recession/depression, during 2012.

FDR had time to rebuild public confidence once he saw the error of his going to austerity too soon; Obama won't have that time or inclination.  The voters knew what FDR had done for them and he had tremendous goodwill from the public (if not his own class who viewed him as a Traitor to His Class); Obama...has voters who think he's somewhat less bad than most Republicans....