The economic system was near collapse because of the bad mixture of policies adopted by his immediate predeccesors. Mr. Obama could have seized the moment but his overall lack of administrative experience and initiative made him timid, incapable or both.
For his chief economic advisers, Mr. Obama chose Lawrence Summers and Tim GeIthner. Mr. Summers so impoverished the Ivy League school he led, it took a decade for them to recover from his brief administration.
Mr. Geithner was almost not confirmed for his post because he had mis-filed his income taxes. His explanation was he had misstated a few lines doing his own taxes with the softward program Turbo-Tax.
Mr. Geithner was the fellow Mr. Obama chose for TREASURY SECRETARY.
Wall Street found it fairly easy to get around Mr. Geithner. Reportedly, Mr. Geitner did not want executive compensation limited, so he did nothing to keep (then) Senator Chris Dodd from including any limits on said compensation from his banking reform legislation. Enormous bonuses were paid to executives of failing banks and investment companies from the public taxes.
Mr. Obama needs to do a lot better in his second term.
Opinions expressed here are mine alone.