Barry Ritholz has reprinted Peter Drucker's "Six Rules for Presidents".
• What Needs to be Done? Is the first thing the President must ask. He must not stubbornly do what he wants to do, even if it was the focus of his campaign.
• Concentrate, Don’t Splinter Yourself …unless a President makes the risky and controversial choice of only one, he will achieve nothing
• Don’t Bet on a Sure Thing ….Roosevelt had every reason to believe that his plan to “pack” the Supreme Court….would be a sure thing. It immediately blew up in is face – so much so that he never regained control of Congress
• An Effective President does not Micromanage… the tasks that a President must do himself are already well beyond what any but the best organized and most energetic person can possibly accomplish
• A President has no Friends in the Administration …they are always tempted to abuse their position as a friend and the power that comes with it
• Sixth rule? Harry Truman advised JFK: “Once you’re elected, stop campaigning.”