Obama has not lost his way. His team led by Summers and Geithner are making the same mistakes that they did in the formation of the first tech bubble in response to the Asican currency crisis and the Russian debt default. The Obama Administration is serving its employers and contributors on Wall Street.
The banks must be restrained, the financial system reformed, and balance restored to the economy before there can be a sustained recovery.
Here is a perspective from Jeff Sachs of Columbia University.
"You have accepted things you would not have accepted five years ago, a year ago, things that your father, even in Germany, could not have imagined. Suddenly it all comes to be, all at once. You see what you are, what you have done, or more accurately what you haven’t done. For that was all that was required of most of us: that we do nothing. You remember everything now, and your heart breaks. Too late. You are compromised beyond repair."
Milton Mayer, They Thought They Were Free