Obama isn't a socialist. What he's done is to further combine business and government - as opposed to taking over businesses.
Elutherian pointed out that what's happening is that all profits remain private, but all losses are covered by us via our taxes.
What you're describing is fascism... which is little more than socialism lite... a transition to socialism..
The argument of such advocacies is that the relevant problems of any given period are a function of the private aspects... the solutions are always more and more control by the government... and by default that reuires less and less private control; all of which correlates to greater taxation and regulatory liabilities being heaped on to business; meaning fewer profits remaining with the private 'ownership'...
This isn't a complex issue... to the contrary, it is decidedly simple.
Hussein's entire life from his parent's ideology, to his formative college years; his self proclaimed mentors; his associations; his working career have ALL focused upon and revolved directly around socialism and the ethereal notions of social justice...
And that depicts NOTHING BUT Socialism... now you may be ignorant of what Socialism is... ya may want to believe that Socialism is some abstract, or that for socialism to exist it must appear in an instant, through some miraculous manifestation or other form of revolutionary transformation.
Sadly, your ignorance of such is simply absurd... as Socialism is merely the absurd notion that fairness equates to equality and need is that which government serves to fill... OKA: Social Justice... and it is comprised of the absurdities that come in the form of ideas... Ideas, meaning an ideology... which in the case of socialism is the Leftist ideology.
I understand that those who are often educated beyond their cognitive means, like to dance within the pretense that Socialism is a multifaceted jewel of diverse ideologies... each unique unto itself.
But the simple truth is that Socialism is Socialism... Left-think is left-think... there's nothing unique about any of its numerous facets; except that those facets represent various individual interests which are vying to secure power... FOR THEMSELVES.