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 … Continue reading The bear’s best friend