He defends, quite credibly, his deficit spending and bailout actions. I have fundamental issues with the USA's future health. For a good critique, read Market Ticker (click). Obama does seem to grasp the challenges, and he presents the case that he will lead the nation into the transformation required.
I would hope that his critics, including me, spend more energy in supporting transformation than critiquing. For if the nation stonewalls economic transformation, we will guarantee the outcome to be my worst case scenario.
I encourage you to watch Obama's Speech