President Obama is right to claim that JP Morgan loss indicates the need to be vigilant about Wall Street. Loss of face for Jamie Daimon - it cannot get any better politically for President Obama considering how much 'noise' JPM CEO has been making against Frank-Dodd law all along.
If situation in Europe gets worse - and there are very high chances of that - President Obama can also go to American Electorate arguing for a 'safer and tested hand' during economic turmoil. He needs to base his argument for a calm and stable handling during recessionary times and Americans can find that as much more comforting than changing 'a horse midstream'. Another corollary of weaker European Economies is 'contained oil prices' which are already visible. Besides, it can even give an opportunity for America and Isreal to embark upon Iranian adventure as there will be room for Oil Prices to climb without paying a political price.
So, it all depends on how smartly President Obama plays his given hand. All that he has to do is 'go away from social issues' for a while rather than simply keep regurgitating.