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Was it his own impossible promises, combined with inexperience? Was it

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endemic failure in the US political system?

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Or raw Republican enmity?Certainly, we heard the most

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dramatic possible accounts of the awful economic situation which confronted

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Obama even before inauguration.Was

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it that the 2008 financial crash and the threat of a second Depression

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just blew away the optimism?Many thought American capitalism itself was about to

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collapse.Austen Goolsbee, the Chicago economics professor who helped steer policy

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through the first part of the Obama administration, described the bad news - coming in a

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blur of awful figures - as "just one terrifying thing after another".He had told

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Obama after one particularly grim session that it might have been the worst

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background briefing any president-elect had had since Lincoln's in 1861, when the

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Union was about to break apart. Obama had glanced up at him and

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replied: "Goolsbee, that's not even my worst briefing this week."Obama cut a

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different figure during the 2008 debates than in 2012 With a massive fiscal stimulus,

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Obama saved the economy from total collapse, and on the way saved the imperilled automobile

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industry.A symbol of change and an agent of change are two very different things”But some economists thought he got it badly wrong, failing to take the chance to change the system itself.