Phil O'Connor reminds me of what he calls "the bear's best friend," which is an appearance by the president to reassure the public. Almost nothing can induce panic more than that.

I remember when past Presidents would remark on the stock market, and they would fall (with a few temporary exceptions) -- no matter what he said or what actions he promised.

It's always a sign of desperation. The remarks always reveal the pitiful inadequacy, confusion, and bewilderment of the president. He has no inkling of what is happening or why, and neither do his advisors. This always comes across to viewers viscerally. They see that the man, whoever he is, is clueless when it comes to economics and even more clueless when it comes to the stock market.

A dyed-in-the-wool liberal with tears in his eyes once told me the effect that FDR's speech had on him (the only thing we have to fear is fear itself). The time was 1933. Okay, he had an impact for some unknown reason, at least on such liberals. Maybe everyone even stopped fearing for 10 seconds. Instead they simply suffered for another 15 years or so.