I built another hammock stand, but with treated 2x4's instead of 2x2 Oak posts. I found a nice 16" hex bolt and used it as my anchor stake. I attached a good size clip and chain link to the bolt. The weight ratings are 2000lbs.
The overall feel of the new stand compared to the previous is about the same. The only difference is that the 2x4's tend to squeak when you first get into the hammock. The total cost of this hammock stand was $20. This solution is probably the most cost effective. However, this is a much stronger solution than the previous.