except when our government is in a position to actually go bankrupt and be taken over by those who hold the debt. It is now a national security issue. Those countries have been making warning sounds like crazy and everyone is ignoring it.

back in Cold war days when the USSR was a major debtor of the West, the fear was that they would announce one day "Sorry, Mr Capitalist Banker, all repayments are suspended as of today. Oh and by the way, the USSR has a new currency with 1,000,000 old Roubles being worth one new Red Rouble." And there would be nothing anybody could do about it because the USSR had a military. In 2009 I believe the boot is on the other foot ;-) but these days you don't even need to make an announcement, all you need to do is allow inflation and make laws to ensure that local incomes keep pace. As mortgages reduce to 1/10 of today's value, millions of US taxpayers voters would sing praises and the fact that a President once changed his mind or picked his nose would be forgotten. ;-)
Inflation has been cast as a bogey-man but it only hurts people with large cash balances, which does not include the US or very many of its voters. So let it rip!

As to changing your position based on changing circumstances, I would be more likely to accept that if it were plausible; but you know darn well that was not the case.

In 2006 Obama had no reason to expect that bankers had completely screwed their own industry and were about run away, leaving the taxpayer to clean up. Without that, his job would be a lot easier.