indeed, but when elections are coming, no one wants to be the guy who caused the recession. Obama loves his job more than his country (like Sarkozy, Merkel....)
They all do. Political popularity and elections have always stood in the way of smart monetary and fiscal policy. That´s why things always tend to overheat when they go well, no one wants to sacrifice popularity by pushing the brakes, even when it would be the wise thing to do. ANd as a result, the downturn is usually worse than it would have to be. And by then the measures tend to be shortsighted if the elections are getting close.