Obama inherited the worst economy since the Great Depression. The collapse of the banking industry was being abetted by policies from both parties for about two decades. And it was George Bush and Dick Cheney who were by far the biggest boosters of the bank bailout, which was well under way when Obama came in.
The housing bubble was created during the '90s through Bush's presidency. That, as you may know, was part and parcel to the banking meltdown. Obama had nothing to do with that.
Obama inherited hundreds of billions of dollars in debt, directly due to W.'s massive expansion of government without any cuts in spending, coupled with reductions in taxes for wealthy people. One of the results is the incredible shrinking dollar, and a massive amount of that debt being owned by China.
These are fundamental problems in our economy, not just things that can be easily fixed in seven months.
The Economic Stimulus is of course wildly unpleasant to look at. It's just shitloads of money being spent to attempt to stablize industries and get businesses to start spending again. I have not read a single serious economist from any particular point of view, however, who doesn't absolutely agree that doing something like the stimulus wasn't absolutely critical to avoid a massive implosion the likes of the Great Depression in terms of depth and scope.
And we're already starting to see the glimmers of a recovery.
As for the Europeans, no, they love the guy. Not that the Europeans' opinion really means much. But just don't make stuff up. We also know that he's not intentionally pissing off Arabs and Muslims, which is a really good thing in and of itself.
Oh, so that makes him a wimp, does it, because he hasn't threatened to nuke Mecca yet? Well, if it makes you happy, he has stepped up the number of Predator drone attacks in western Pakistan, increased the number of troops and offensive operations in Afghanistan, and there is currently a very large operation by the Marines going on in Helmand Province. Why do you spit on our troops who are fighting for us?
Bush destroyed a lot of the credibility we had, as well. We have a lot less weight to throw around than we ever did before. History will see the Bush era as the beginning of the end of America's world dominance, not the Obama era.