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.
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994