There is nothing "elegant" about the heavy hand of state socialism.
But try telling that to someone like Obama, who has lived over half a century and yet managed to avoid any contact with private enterprise that did not avoid accepting a payment in tribute, or more correctly, in fear of the consequences of not paying tribute.
What Obama considers "market failure" is nothing of the kind. Third-party effects of commerce have costs (pollution) and also sometimes benefits (higher property values), but these are effectively priced into products and services by means of consumer demand as well as by tort law concepts (e.g. - easements and loss of use), insurance policies, and other private arrangements.
When a socialist speaks of "market failure", what he really means to say is that he doesn't like or agree with the decisions that other people are making, and wants to use government force to make them do what he thinks is correct.