Was it ever necessary?
While Obama was whipping the nation into a hysterical frenzy over the economy, with his doom and gloom predictions, others were saying that the economy would start picking up no matter. There was a lot of analysis of past recessions that strongly supported this. Those analyses were lost in the noise of the chunks of falling sky hitting the ground as the Eunuch of the Treasury made more grabs for money and power ... and Congress gave it to him.
Now the economy is starting to show signs of an upturn, way, way too soon for anything Obama has done to be given credit for it. Banks are either turning back TARP money or refusing to take it - after all, most of us believe that it's better to go under and start over rather than let Geithner and Obama start dictating who will run the company and how much people in the company will be paid. That isn't taking care of the problem. What takes care of a leadership problem within a company is for the company to go under, restructure, and come back up again. Or not, as the case may be.
Here's a good article:
Signs of economic recovery fuel debate over Federal recovery program
Meanwhile, the Tea Parties gain ground, enough now that the Democrats are starting to put a lot of effort into ridiculing the movement. When they start that, you know whatever is causing them the angst is hitting close to home.