This isn't about the President, at least not directly. Obama doesn't deserve credit any more than Bush Jr. deserved credit for navigating us through the .com bust. Since days of Alan Greenspan, the Fed has been inflating us out of recessions, into longer and more unsustainable booms, which are naturally followed by even worse busts. Our economy is like an over-correcting tightrope walker in slow motion. It's teetering back and forth further every time and you know at some point this whole thing is coming down, it's just a matter of when.

To use a different metaphor, the Fed and the Presidents are playing a game of musical chairs with their successors and no one wants to be the one standing when the music stops.