It is this decision to not postpone those multiyear, multitrillion-dollar programs until the economy and the financial system is revived that exposes Mr. Obama’s presidency to a possible catastrophic meltdown in its first term.
Not only is Mr. Obama failing to focus more or less exclusively on protecting the financial system and the economy that depends on it. He is letting his ideological ardor drive him to expend both his own and his administration’s attention, along with the vast new tax dollars, on those programs, rather than on the financial and economic crises.
Thus, and here is his political danger: If the financial system fails (and much of the economy along with it), it will be a fair, true and politically lethal charge against Mr. Obama that he didn’t do all he could as soon as he could to protect us from the catastrophe.
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