I think you're looking at this Obama situation in a microcosm.
He is not nationalizing industries. He is simply shoring them up until the markets adjust. You might disagree with it philosophically, and that is fine, but it's a proven way of keeping the peaks and valleys of the free market in more control so the nation can be stable.
He has no intention of spending like this forever. It's just initially. He's said he plans to pay down a lot of the deficit within 4 years, so I will hold him to that.