With global markets in a state of panic, with the world talking about the end of American capitalism, with ordinary citizens watching in despair as their savings vanish, we could all use some reassurance.

Had the president this morning announced something new, specific and verifiable, it might have helped. Most economists are persuaded that the semi-nationalization of American banks through direct infusions of capital is our best bet at this point. And the administration is reportedly working on a plan to do just that.

But today all Bush gave us was limp cheerleading, vaguely assuring us he’s doing everything possible.

The president seems checked out. His approval ratings are in the toilet. His credibility is shot. He’s arguably responsible for this mess in the first place. And his presence and his words have led to more fear and panic, not less.”