Read my previous post.
I don't think he cares about the markets. However, he does care about power. And these days the large middle class will judge a President on their 401k's and investments.
If he could get away with decimating the economy as a leftist he would be in glory. However, he cares about power more. If his popularity starts to decline, he will do what he can to shore up the markets. I think this is the way he's going to have to go.
I don’t think he’s going to wait for popularity, though. That was the Bill Clinton approach, because Bill Clinton loved to be loved. But Obama doesn’t care. I think once he gets sufficient misery, he will use that as an excuse to impose his real agenda. People will feel defenseless because of the crisis mentality and sense of peril he has instilled, and while he will not be popular, he will be able to exert unprecedented power very easily.