Head for Camp David. Convene meetings. Take advice from economists, your Cabinet, all the experts. Then put forward a giant new economic program, maybe including some dramatic form of shock therapy that will calm financial markets and create jobs.
That’s the kind of response Americans are used to seeing in a president when the nation is suddenly confronted with bad news like last week’s market turmoil and the U.S. credit downgrade by Standard & Poor’s. But the results of such a response to economic alarm 40 Augusts ago suggest this isn’t the way to go.