(Some have objected that Congress needs to be consulted -- but as long as the agreements are "voluntary" and the U.S. agencies are merely "asked" to impose the regulations, no further grant of congressional authority is needed. But, of course, there will be nothing voluntary about the administration's demand that the agencies implement the coming FSB directives, no matter how intrusive they may be.)

And, finally, there is Obama's delegation of a total overhaul of the tax code to a commission headed by Paul Volker with a mandate to report back in December of this year.

So with the tax code totally changing, Europe about to formulate regulations for our economy, the U.S. government empowered to take over any large company, the deficit and spending reaching unbelievable levels and the feds insisting on continued control of banks, what businessman in his right mind is going to invest in anything? How could even the most foolish optimist pull the trigger on a business investment without knowing the tax consequences, the regulatory framework and the policy of the banks on lending?

But Obama knows all this. He knows that his steps will delay economic recovery. But he wants these changes not as means to an end, but as the end itself. And he is determined to get them passed and set in stone while the rubric of "crisis" justifies his doing so.

He is not unlike a leader who takes his country into war, knowing that by "wagging the dog" he can reinforce his power.

But ultimately, does Obama care if he is re-elected? Doesn't he know that he needs a good economy to extend his mandate to eight years? Yes, of course he does. But he probably figures that he can turn the economy around as Election Day 2012 draws nearer and reap all the credit then. In the meantime, no good crisis should ever go to waste.