"I'm hearing many conservatives say now that the White House political office is off their game. But I see no real evidence of this. The problem is more fundamental. For quite some time this White House has functioned like a heavily leveraged business, an overextended investor that suddenly gets a margin call. To extend the business metaphor, the White House has been surviving not on profits but expectations of future profits or, in other words, credibility. The White House has been able to get the public to sit tight with a lot of objectively poor news (a poor economy, big deficits, bad news from abroad) on the basis of trust."
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