Now that Donald Trump has exited the White House, how much influence will he wield on the political scene? Only time will tell. Our history, however, does offer a possible answer. Very, very few American presidents retained much power upon leaving office. Most passed quietly from the scene, some became respected “elder statesmen,” but not the “decision makers” they had formerly been. Of course this is not an entirely fair inquiry since our greatest presidents, Lincoln and Roosevelt, did not enjoy a post-presidency, and Washington died shortly after leaving office.
Still there are some notable exceptions who should be considered in this survey. Andrew Jackson, who left office in 1837, remained an acknowledged player in the Democratic Party, forcefully supporting the annexation of Texas and the selection of James Polk as the party’s presidential candidate in 1844. Our sixth president, John Quincy Adams, after his term of office, became a nine-term Congressman from Massachusetts and an outspoken champion of the antislavery movement. William Howard Taft, after leaving office in 1913, joined the Yale law faculty, and then in 1920 became Chief Justice of the Supreme Court during a period in which judicial conservatism was in the ascendancy. Though resigning after the disgrace of “Watergate,” Richard Nixon nevertheless managed, in the view of many, to “rehabilitate” himself and to enjoy an extended career as an elder statesman and sagacious analyst of the international scene. It’s been forty years since Jimmy Carter left the White House and his reputation as President still seems to register not much beyond lackluster. Nevertheless, his post-presidency has been remarkable, not in terms of wielding power, but rather for the “good works” he has performed. His peacekeeping, election monitoring and humanitarian efforts have been widely acclaimed, his religious convictions admired, and his writings widely appreciated.

So we finally arrive at the President who, compared to all others, managed to remain influential well beyond his White House years. Teddy Roosevelt, who became president in 1901 upon the assassination of President McKinley, could have run again in 1908 but to his lasting regret publicly announced well before that he would not. But upon breaking with his successor, President William Howard Taft, he chose to return to the political wars. He re-entered the fray in 1910, this time championing a “New Nationalism” and laid out an extensive progressive agenda. He ran for president in 1912 under the banner of the “Progressive Party.” And though he lost to Democrat Woodrow Wilson, he far exceeded Taft’s tally and gained the largest percentage of the overall vote of any third party ever. He determined to run again in 1916, but failed to gain the support of Republican leaders. Nevertheless, he did obtain Congressional support to raise a separate military unit under his command, to fight in World War I (as he’d done in the Spanish-American War). President Wilson, however, would not approve. Still, as the 1920 presidential campaign, was getting underway, it appeared that Roosevelt had the inside track to his party’s nomination. It would not be. Roosevelt died in 1919 at the age of 61.
So, what does this excursion through our past reveal? It’s clear, if you exclude TR, that no other president has been able to remain the master of events after his term in office ends. The nation moves on; other individuals move up and take control. Donald Trump, in essential ways, is no Teddy Roosevelt. Still, Roosevelt was the consummate showman, was bombastic, played to an attentive press, loved the military, threatened war, and attracted an adoring public. Sound familiar?



We talk to lots of people each day. Some of it is perfunctory (“We will be there at 11 o’clock”), transactional (“I’d like to reserve a table for four at 7PM”), casual (”Tell me what your weekend plans are”), or conventionally polite (“Send my best to your wife”). Such exchanges are spontaneous and informal and of brief duration.
Distinct from these are conversations that are regarded as more serious and consequential. When they occur we assume matters of some substance are being discussed. Accordingly, we’ve assigned special conversational categories to suggest their likely significance:
• Talking Turkey is when you stop “beating around the bush” and get down to business. No more “dancing around the subject.” Let’s come to grips with what must be decided. Or are you “all talk?”
• Man to Man Talk (with apologies to women). It’s time we had a frank and open conversation. We’ve been evading the issue. It is essential we confront it openly.
• Heart to Heart Talk. No more polite platitudes. We must reveal our true feelings; put them out “on the table.”
• Talking Shop. You shouldn’t be discussing work issues and business beyond the workplace. On the other hand, “Talking shop” in the office often leads to a fruitful exchange of ideas, reveals ways to enhance efficiency and profitability.
• Table Talk. Families gathered at the dinner table are expected to discuss “serious” matters that affect many of those present. Here is where frank and open discourse about money, jobs, vacation plans, and educational options can ttake place and decisions reached.
• Pillow Talk. Couples are normally too busy during the day to engage in meaningful conversation. But once in bed at night, and before falling asleep, there’s an opportunity to open up, get certain matters “off their chests,” clear up misunderstandings.
Talk, as they say, may at times be “cheap,” no more than “idle chatter,” but there are – as
we have just noted – times set aside where the opportunity exists for constructive and candid conversation.



Americans have long considered themselves a “can do” people – especially at over-coming technological and physical challenges. Establish an objective, mobilize resources and then watch American “know-how” get the job done. Still, no one ever imagined, given the usual pace of vaccine development, that an effective Covid antidote would appear so rapidly. Let us remember, however, that America had beaten the odds before, could claim a remarkable history of groundbreaking technological achievements.
• Right after a prolonged and bloody Civil War the United States undertook the prodigious effort to bind the nation together with a transcontinental railroad. The challenge involved vast distances, predictably hostile Indians, stubborn hard rock formations, broad rivers, and forbidding mountain ranges. But constructing the nearly 2000 mile rail network (completed in 1869) required just a few years and helped thrust the U. S. toward world economic leadership in the decades that followed.
• Equally ambitious was the American decision to link the Atlantic and Pacific coasts so that ships were   no longer obliged to navigate around South America before heading north to California. The solution: construct a canal through Panama, a devilishly complicated undertaking. Man-made lakes and locks had to be created, widespread disease (yellow fever and malaria) overcome, and innovative earth-moving equipment devised and transported to the numerous work sites. But the project was completed two years ahead of schedule to the enormous benefit of world commerce.
• There are many reasons the U. S. won World War II; foremost among them was our ability to re-engineer our economy in order to produce enormous quantities of armaments – airplanes, ships, tanks, etc. Furthermore, many of the weapons became increasingly sophisticated as the war wore on. This all culminated with the “Manhattan Project,” a vast scientific effort that resulted in nuclear weapons that brought an end to the devastating conflict.
• Once Yuri Gagarin, the Soviet cosmonaut, orbited the earth in April of 1961, it was inevitable that the U.S. would enter the space race. Shortly thereafter President John Kennedy committed the nation to a moon landing by the end of the decade – an extraordinarily ambitious and costly undertaking. It succeeded, testifying once again to America’s ability to rise to the occasion, no matter how formidable the scientific challenges and technological obstacles.
• Combatting Covid raised the question of whether a deeply divided people, many grown skeptical of science could support a complex, coordinated effort to produce a vaccine to overcome this horrific scourge. Happily, the U. S. once again has demonstrated it was up to the task. May this remarkable achievement provide the spark, serve to give us the confidence to put aside our doubts and our differences in order to attend to the persistent ills that continue to beset our society.



As late Fall retreats toward Winter, the woods grow silent and grim, largely lifeless. Winged creatures of all sorts have long since departed, while familiar four-legged denizens become mysteriously scarce. But it is the trees, most all nearly bald and indecently exposed, that underscore the bleak landscape that greets the observer. Not long before these same trees -resplendent in their green mantles – filled the woods with millions of leaves of all sizes and shapes, swaying and rustling restlessly as breezes hurried their way through its ranks. Then came Fall and the extravagant palate of color, nature’s own dramatic “fireworks” show, rivaling by day the managed explosions of night sky displays.
But with Fall’s passing forests around here now have little to offer except a dispiriting landscape of decay and death. Upon the forest floor are endless layers of dead and rotting leaves, once proudly on display upon the branches above, now cast off, destined to serve merely as shapeless ground cover in the years to come. All about, trees stand disfigured, having been rudely assailed by wind and rain, limbs broken, trunks cracked, root systems exposed, detached from the soil which once sheltered and nourished them. Most ominously, lying in every which direction, one discovers an arboreal graveyard: Trees, many of great length and bulk, which once soared toward the heavens, now strewn upon the ground, their fate sealed, at rest but not at peace. Were this a battlefield (which in some ways it resembles) no commander would dare proclaim victory. Indeed, the many jagged stumps would serve as forlorn monuments to the fallen.
Nature, perhaps out of respect, has begun draping some with green moss, hiding the advance of deterioration and decay. Most, however, lie about helter-skelter, frozen often at awkward angles, lifeless wreckage to haunt the area for decades to come, a morbid message to those sturdy trees around them.
The good news for those disposed to dwell on this desolate scene is that in time Spring and Summer will once again arrive, new life and a fresh dense vibrant mantle of green returning to blot out the underlying wasteland revealed by Winter.

Time – Tested


Quantifiers usually have the upper hand in discussions when they marshal “hard evi-dence” to support their arguments. The numbers are assumed to “speak for themselves,” what-ever their origin or presumed precision. In that spirit, we present a recently compiled set of numbers, hitherto unavailable, derived from informal surveys conducted with real people relating to their daily experiences.
• How late do you usually arrive at parties? 15 minutes
• How much time elapses before you patch up a dispute with your wife? 2 days
• How often do you change bedsheets? 6 days
• How long do you wait before passing a “slow” moving car on the road? 2 minutes
• Brushing your teeth takes how long? 1 ½ minutes
• How long do you take to fall asleep? 15 minutes
• If your car is rattling, How long do you wait before bringing it in
to a mechanic 3 days
• How long after you decide you should have a will do you execute one? 3 years
• How much time elapses before you return the call of a bill collector? 2 days
• How much time do you spend showering? 6 minutes
• How long does it take to pass on a juicy bit of gossip? 2-3 hours
• After how many rings do you pick up a telephone? 3
• How long before you honk at the car in front of you after light changes? 2-3 seconds
• How long does it take you to complete your main dish at dinner? 8-10 minutes
• How long before you deposit a large check? Next day
• How many times have you watched your favorite movie? 4-5 times
• How often do you make physical contact with your husband
(hug, kiss, pat) ? twice weekly
• How often do you check the weather report in a day? 2-3
• When driving, how long will you wait before locating a bathroom? 22 minutes
• How often do you look in a mirror each day? 4-5 times
• How often do you check the time each day? 8-10 times
• Duration of social telephone conversation(female) 26 minutes
• Duration of social telephone conversation (male) 11 minutes



Theodore Roosevelt, larger than life in so many ways, belongs on Mt. Rushmore, but I’m not sure that many Americans can explain why. The issue is that neither political party is eager to claim him. Republicans, despite Roosevelt’s achievements, have problems embracing his belief in activist government, his impatience with “stupid” Capitalists, and his 1912 campaign that split Republicans and handed the election to Woodrow Wilson. Democrats, while welcoming his reforms, are reluctant to credit a rival party or accept his views on racial hierarchy, not uncommon in his time and among his class, but hard to swallow today.
Roosevelt did it all. He was a western rancher, a cowboy, intrepid explorer, naturalist, hunter, athlete, soldier (he preferred being called Colonel), a wonderfully engaged father (to his six children) and yes, President of the United States, a figure known round the globe. And arguably the most well-rounded and intellectually gifted person to occupy the White House (in a close contest with Thomas Jefferson). A Magna Cum Laude, Phi Beta Kappa graduate of Harvard, he wrote over thirty books and countless magazine articles on a wide variety of subjects, loved poetry, read a book a day (there is wide agreement on this), spoke many foreign languages, and possessed an astonishing photographic memory.
Every American knew Roosevelt. He gave informal press conferences almost daily while his barber shaved him. Cartoonists had a field day caricaturing his teeth, smile, hat and glasses (he lost an eye while boxing in the White House). For a time the “Teddy Bear” became the rage across the country.
His energy was boundless, one might say manic. Shot at close range in Milwaukee during the 1912 presidential campaign, the bullet, while entering his chest, was slowed down by a metal eyeglass case and the folded speech in his jacket pocket. He was bleeding but still delivered the scheduled 90-minute address! (The bullet would never be removed.)
Roosevelt embodied the best of America together with certain less admirable features. He battled political corruption, raged against corporate excess and inequality, championed individual self-improvement and physical well-being, exemplified family values, promoted far ranging conservation measures and maintained that the federal government must assume an active role in redressing societal ills. On the other hand, he viewed white Anglo-Saxons as the essential bearers of civilization, and inclined to be bellicose and to glorify war. But he could be excused when, on September 2, 1902, while passing through Pittsfield, Massachusetts, he threatened to physically assault a street car motorman who accidentally crashed into his carriage, injuring the President. It would have been no contest.



Corona has triggered a great hunger in the land. Symptoms of sports deprivation are widespread for good reason. The usual calendar of sporting events has been wiped clean –basketball’s “March Madness”  vanished as has the NBA season. Ice hockey left us, and the regular baseball season never got under way. Ditto soccer. The Kentucky Derby was postponed, and it’s unclear whether the Japan Olympics will ever take place. We’re told pro football might be back, but who knows? Same with college football. It’s tough enough sheltering in place, but without sports, what’s a fan to do? Watching games and rooting for our teams has always consumed so much of our waking hours. So did talking about sports – what’s there to talk about these days?
What follows is surely no substitute for the games, but merely an effort, since we have the time, to examine why they mean so much to so many people. It is a given that fans, often so passionate, rarely are asked to explain their preoccupation. But in the absence of live sports, let’s step back and try to account for this enduring attachment.
• For many, it all began during the years in which they were growing up, especially for boys, and more recently for girls as well. Whether in school or afterwards, they played sports formally or otherwise. Many a suburban driveway featured baskets and backboards attached to garages. Informal pick-up games with friends were common. Out in the street fathers could be seen playing catch with their kids. If tennis courts were nearby there’d be many an occasion to play. Back inside the TV often was tuned into a game, sounds of joy or anguish erupting periodically as it progressed. Family outings to sports arenas and stadiums were events eagerly awaited, whether for football, baseball, soccer, basketball or hockey. Bottom line: whether as participants or spectators, sports activities were a joyful component of growing up in America. Fathers took the lead here, and even when mothers were not involved directly, most all were properly supportive.
• To be into sports almost always means you have favorite teams. The origin of fan identification and affiliation can at times be a mysterious process, but by and large it is linked to hometown loyalty. Of course Americans do move around a lot, so you may end up rooting for a team linked to a previous residence. Fans, however upon relocating, are capable also of switching loyalties. Of course, areas with more than one team can complicate matters, but also enliven the sports scene. In L.A., for example, the Clippers and Lakers contend for support; in the New York area it’s Giants and Jets, Yanks and Mets, and Knicks and Nets. Fans just don’t simply support their teams, but live and die with them. It becomes intense once they immerse themselves in the minutia of each team, viz. players, managers, owners, trade rumors, past history, future prospects, etc. They listen to hometown sports shows, pay close attention to the “experts” and analysts and to other fans calling in to voice their views. Being a fan confers identity, produces pride, introduces purpose, offers occasional exhilaration, but is not without its disappointments. Fandom means continually riding an emotional rollercoaster.
• People often become sports fans because they’ve come to idolize a particular player, often a star performer. They will declare their loyalty, demonstrate their familiarity with his record, and defend him against those who might question his achievements. They will confirm their connection by wearing a uniform or a jersey that bears his name and number, or collect memorabilia related to his career. We could mention such players as Michael Jordan, Wayne Gretzky, Pele, Messi, Tiger, LeBron, Michael Trout, Serena, etc., but it could also be countless others that fans for one reason or another are drawn to, welcome into their extended family.
• All sports have become immersed in statistics, each one generating an ever-growing cascade of numbers that drill down into and evaluate performance. Sports fans have been drawn into this often numbing numerical universe. As a result they’ve become conversant with “records” of all sorts and are quick to cite those that substantiate whatever sports debate may be underway. They may, for example, insist that DiMaggio’s 56-game batting streak will never be broken, or that no one will ever play more consecutive games than Cal Ripken, Jr. Don’t expect anyone to win more majors (14) than Jack Nicklaus, or collect more Olympic medals (22) than Michael Phelps. Remember when the Boston Celtics won eight consecutive NBA titles (1959-1966)? Can any team ever top that? It need not be record setting numbers that trigger debates. Fans now recognize that you can’t talk sports these days without statistical corroboration. The numbers don’t lie; do they?
• Of course the essence of all sporting contests is what actually happens on the field of play. For fans the outcome of each game is of principle concern, but along the way there is much to cheer and savor. Each sport has its distinctive and essential elements and moments of high drama. In baseball it may be a disputed call leading to a heated jaw to jaw standoff between a red faced umpire and manager, or an outfielder stretched out fully, glove extended to snare a long fly ball. In football thrill to a reverse, the running back, a phalanx of blockers in front, speeding ahead or a wide out weaving his way downfield, gaining a step on the defender and looking back as a long arcing pass heads his way. In basketball, a fast break is a thing of beauty, the ball whipped from player to player streaking down court, defenders unable to divert or slow down this offensive thrust. So is a series of snapped passes that finally arrives at an open man positioned in the corner, who gets off a three pointer that barely disturbs the net. In tennis there’s the moment of truth when a player, following up a looping shot deep into the corner, charges the net, hoping for a put away, or in hockey when forwards swarm around the net peppering a sprawling goalie with shot after shot at close range.
• No sport contest is without its dramatic moments. Can a boxer, backed into a corner and pounded by blow after blow, survive until the bell? What about no score, bottom of the ninth, bases loaded, three and two on the batter, or fourth and a goal from the three yard line with seconds remaining in the game, six points separating the two teams? Consider shootouts in hockey or soccer and the emotional rush and excruciating tensions they produce. In any sport there’s much to savor; every fan understands such rewards await him time after time.
• And for every man (less frequently woman) the world of sport is a place they can enter comfortably and find camaraderie, a common vocabulary, a space to congregate, debate and share vicariously in the athletic achievements of their heroes. It is an alternate universe where much can seem to be at stake, where victories can be celebrated and losses mourned, but in time forgotten. Always, there is hope – so long as there are games to be played.



Not for America the prerogatives of royalty or the privileges of aristocracy. No, the majority of those who came over to our shores were ordinary people. No surprise then that we’ve long celebrated the “Common Man.” In one way or another we’ve declared that the “average Joe” provides the essential ballast for the United States, the most durable democratic society known to the world. Indeed, it was “Common Sense,” that extraordinary piece of plain pleading by Tom Paine that in 1775 helped persuade the “man in the street” that the only logical and sensible course for America was to declare its independence from England. And not long afterwards, when the victorious revolutionaries concluded it was time to establish a national government, it was, they agreed, to be based not on Holy Writ or Royal Proclamation, but upon “We the People,” forever protected by a “Bill of Rights.”
Over the years, even as great wealth accumulated in America and the well-to-do established their pre-eminence, we continued to view the common man as properly representative of America. Thomas Jefferson was but one of a long line of observers who placed the simple yeoman farmer and the independent husbandman at the center of the new republic he wished to form. Andrew Jackson went even further, insisting that his presidency (1828) had ushered in a new dawn for ordinary Americans, whose interests he would champion. Every man, he asserted, was qualified to hold public office; the days of an elite cadre of office holders were over. Moreover, Jackson from Tennessee saw himself as representing the hardy men of the western frontier, those intrepid pioneers rapidly spreading out from the land establishing new western states, the driving force behind American expansionism and “Manifest Destiny.” Back, in parts of the east, at about the same time, individuals began attending common schools at public expense. Nowhere else in the world were ordinary people given such opportunities for formal schooling and advancement.
Throughout the 19th Century and into the twentieth, America’s self-image remained focused on the common man, in one form or another, starting with William Henry Harrison’s Log Cabin Campaign for the presidency in 1840. That basic structure of frontier life came to symbolize all that was simple and sturdy in the American character. Abe Lincoln’s days as a “rail splitter” confirmed his standing as a typical son of the pioneer West. Later on the cowboy took the place of the pioneer, assuring Americans that plain folks could be both essential and heroic. Decades later Charles Lindbergh took to the sky to remind the country that an ordinary American embodied all that was admirable and brave in the national character. When it came to heroism, GI Joe showed he was up to the challenge in World War II, vanquishing the formidable military forces of both Germany and Japan. Back home, millions upon millions of working men and women demonstrated that almost overnight they could produce absolutely astounding amounts of armaments and war materials, as well as consumer goods. And later on, during the Cold War, Rocky (Sylvester Stallone), our everyman, proved able finally to defeat his Russian Communist adversary in the ring and after that, as Rambo, salvage some honor for Americans in Viet Nam, thanks to his heroic actions there.
But any discussion of the common man must not omit the challenges presented to that venerable tradition, including the contradictions and inconsistencies that cropped up along the way. While the social and economic standing of your average American tended to locate him in the working classes, Americans came to see themselves either as aspiring to or occupying the middle class. The workingman (perhaps because so many were immigrants) rarely received the credit or status due him (except among Socialists). As their numbers declined, however slowly, farmers also suffered diminished status, especially as urban populations swelled and cities became cultural and commercial centers. It didn’t help that over the years rural people stuck to their bible and their guns or that “good old boys” imposed Jim Crow on black populations and lynched “uppity negroes” or that “hard hats” rallied round the flag and used it to demean dissidents. Consider also the impact of comedian Jay Leno’s TV stunts with his “man (or “woman”) on the street” interviews and quizzes. What did it say about typical Americans when the following questions were put to them? – “Who did Americans fight in the War of Independence?” “What divided East and West Germany?” “What month of the year do we vote for president?” and no one answered correctly? (“This is frightening,” remarked Leno.)
In recent years, defining the “average Joe” or analyzing “John Q. Public” or placing “everyman” under the microscope has become ever more complicated. Cultural expression has exploded into numberless enclaves; political polarization has confounded conventional conversation, and ethnic diversity has undermined unifying symbols. Michael Moore might once have spoken for the “silent majority” but that’s no longer the case.
At present, the common man has, however, a most prominent spokesman – Donald Trump. Admittedly not “of the people,” he has, however, positioned himself as “tribune of the people.” Both a creature of the mass media, and as the great “white hunter” of the business jungle he has tapped into many of the admittedly less admirable themes associated with ordinary Americans. He has encouraged isolationist sentiment and has embraced the military. He has lampooned elites and elitist institutions. He has promoted a narrowly cast version of religious expression. He’s tilted the scales in favor of white ethnic solidarity and demeaned minority populations. He has questioned the value and the substance of scientific thinking and the role of expertise. He has voiced the prerogatives of male chauvinism. His vanity and grandiosity far exceed the boundaries of traditional “tall tales.” Trump retains his hold on his base because he speaks like them, gives voice to their concerns, disappointments, and to society’s devaluation of common folks.
   
Ironically the Pandemic could rekindle our faith in and respect for the common man. We’ve come to recognize just how dependent we are on those that enable our society to operate (if even on a limited basis) so that the rest of us can shelter in place. The workers who keep the mass transportation system up and running, the trucks rolling, the garbage collected, the folks who police our streets, maintain our power grids, drive the ambulances and staff the hospitals, deliver our mail and packages, grow and harvest our food, stock grocery shelves – without them our society would rapidly descend into catastrophic collapse. And most of those folks have not done well by us in recent times. They’ve fallen behind, become more vulnerable, their rewards limited, their hopes diminished. Recognizing and celebrating these “essential workers,” highlighting their seemingly prosaic, but now heroic, roles could serve to renew our faith in and appreciation of ordinary Americans.
Throughout this crisis we’ve heard repeatedly that when in the past the American people were challenged, were called upon to confront hard times, deal with severe setbacks and
adversity, they rose to the occasion, persevered. If they are still made of that same “right stuff,” they should be able, once more, to lead us through this crisis.



The New York Stock Exchange has been an American fixture almost as long as we’ve been a nation. Being “in the market” has been, and remains, of concern for generation after generation of Americans. This goes for me as well. I’ve made money, lost money – overall, I think I’m ahead, but am not certain. Still, I’ve always taken notice of “Wall Street,” come to understand at least some of what was going on, (although probably no more than a portion of the nearly endless ways to “invest”). What follows are more or less random observations derived from years of following the ups and downs of this incredible mechanism for money-making make believe. After reading this, it’s unlikely you will plunge into securities (interesting word), but you might come to appreciate the fact that the stock market will remain and serve as a prime engine of capitalism and like it, the source of endless dreams and periodic disappointments.
• Is the market yet another form of gambling? It can be. Do we not commonly speak of “playing” the market? Don’t we risk losing what we’ve ventured? How much do we really know about the company whose stock we’ve bought? Don’t we sometimes rely on a hunch or a tip from someone who is supposedly “in the know?” Isn’t our goal often enough a “quick buck?” Aren’t some attracted to penny stocks, the equivalent of a gambler’s longshot? A majority of those in the market will deny they are gambling, assure you they’re “investing,” though admitting there is an element of gambling involved. Nevertheless, bear in mind, they’ll note, that if you made a bet on the roll of the dice or the outcome of a game and you lost, the money is gone instantly, If, on the other hand your stock declines, your money has not vanished – the stock price in time could easily rebound. And if you are a “long term” conservative investor you’re comforted by the fact that, over time, the market has almost always gone up. And finally, there’s the risk that gambling can become an addiction. A stock addict? A species most rare.
• Public companies go about their business one day not much different from the one before or after it. But in the market, their stocks go up and down, register highs and lows, seemingly disconnected from the conduct of their business. In the market, every day can be a new drama, a unique arena, forces often unexpected and external, operating in one direction, then another. That’s why, for many, weekends prove lackluster (lacking excitement, because markets are closed). But then, on Monday, energy levels rise once again, with the 9:30am bell and the start of trading activity.
• “Buy low, sell high” – is among the oldest of market clichés. So is “you can’t time the market.” Here you are eager to get in but you hesitate, judging that the market or “your” stock will head lower. It doesn’t – you’ve missed a golden opportunity. But then you do buy the stock and it heads higher. Sell. Take your profit! You do, but it continues to go higher. Sometimes winning is “losing.” “Greed” has triumphed over patience.
• New Issues. A company is about to “go public.” Usually this stock is distributed by underwriters to “insiders” and substantial investors. The “little guy” tends to get shut out. Not always. Occasionally he gets some shares and almost always the price goes up. Carried along, these folks are in for a thrilling ride.
• A sports fan is always on the alert for rookie sensations, or newcomers who rapidly become the talk of the sports world. Same with stocks that generate widespread excitement and accelerate upward. There have been many such winners over the years. In recent months, companies such as Tesla, Zoom, Netflix, Amazon, Beyond Meat, some old, some new, have run away from the pack. Get on board – jump in while the momentum lasts. Or is it too late?
• If only. Lots of people will relate stories about investments they should have made, opportunities lost. It could be in real estate, a business, an invention, etc. For whatever reason, they passed on it. They could have made a fortune. Check various business sites and often you’ll spot an item about how if only you had bought IBM, Microsoft, Apple, Alphabet, Facebook, Amazon, etc., at the beginning, you’d now be worth. . … Maybe next time!
• On the lower end of Manhattan, near the Wall Street area, stands a bronze sculpture of a bull, a massive object that symbolizes investors’ fondest hopes. In a “bull market” a rising tide lifts most all stocks. Buoyant optimism and general euphoria prevails. Money pours into stocks, and bullish “gurus” predict dizzying heights for the Dow. Beyond that, the “wealth effect” kicks in, as people whose portfolio values have gained substantially feel flush and start spending more. (Until Corona arrived a bull market ran for eleven years!) But alas, “bears” lurk in the shadows and warn that there is obvious financial froth all about that bears little relationship to corporate profits and future economic trends. And so a classic tug of war occurs between “risk on” and “risk off” market players, between those with high hopes and others with fresh fears. Often stock prices can turn in an instant, market moods can quickly reverse course. Bears and bulls must always be wary of one another.
• Regular sports bettors know there are multiple ways to wager on a contest including on the winner (by beating the point spread) total points scored, (over and under) first score, leading scorer, etc. Likewise, the stock market offers a lavish menu allowing people to partake in a bewildering number of ways, including direct purchase, buying on margin, puts, calls, straddles, specialty mutual funds (including foreign stocks), index funds, and ETF (exchange traded funds) in all imaginable categories. Are you confused, feel over your head? Better turn to a broker or a financial advisor. In the market “the little guy” is usually at a distinct disadvantage.
• The stock market, we are told, is always “forward looking,” can be likened to a fortune teller. It is true. “Technicians” devise all manner of charts of previous stock performance and discover past patterns which they claim are predictive, but students of the market declare that its behavior is largely predicated upon looking ahead while largely discounting past performance. When, for example, long-term interest notes fall below current levels (inverted yield curve), they signal a slowing economy down the road and produce a market downturn, Traders carefully follow quarterly corporate reports because they almost always include “forward guidance,” a company’s prediction about future revenues and earnings. These then form the basis for evaluating the company when it next reports. If its profits fall short of expectation its stock price will likely slump. If, on the other hand, it exceeded the company’s previous estimates, expect the price to move up.
Most Americans who are in the market do so in order to secure their future well-being; to have ample funds available for retirement. If the American economy expands and the market rises accordingly, it will, for all its volatility and “irrational exuberance” prove its value, that is, provide Americans with their most significant safety net.



Long viewed as a slumbering giant, China has, in recent decades, awakened and rushed headlong into the ranks of the world’s most powerful nations. Some even consider it on the threshold of overtaking the United States (especially in light of its forceful response to the Covid-19 Pandemic) in most categories of world influence. Recall that as recently as  the middle of the 20th Century, China had been humiliated by a catastrophic invasion by the Japanese and torn by a devastating civil war. But thanks to the emergence of a strong central government, a compelling ideology, and success in mobilizing China’s immense population it industrialized and modernized at a pace few thought possible. The Chinese people witnessed dramatic changes in their lives and now see a society, largely transformed, enjoy a quality of life few could have imagined not long ago. While there is serious fault to be found, no one denies the Chinese “miracle” has occurred, and that there’s scarce precedent for such a meteoric rise.
Would they, however, to consider the story of China’s long-time adversary, they would discover a nation that was itself dramatically transformed in rapid fashion a full century before China’s startling rise. The transformation of Japan, beginning in 1868, could even be considered more astonishing than even the Chinese ascendance, offering a model that China perhaps unwittingly followed, as it moved to replace a feudal society with a nation able to take its place among the world’s powers. General accounts mention Japan’s “Meiji Restoration,” and its abrupt awakening beginning in 1868, but then quickly pass on and omit what actually took place and whisk us to the end result of their process, i.e., the “proof” – Japan’s surprising victory in the Russo-Japanese War (1904-5), the first instance in modern times of an Asian nation defeating an established European power.
Japan might have remained a backward, feudal, rigidly hierarchical society, dominated by local all-powerful Shoguns, had not Western nations posed a threat to its very independence and self-imposed isolation from the world. It all began when U.S. Navy Commodore Matthew Perry sailed into Tokyo harbor in 1853 unopposed, after which he persuaded the Japanese to sign a commercial treaty favoring U.S. trade. Certain European nations soon did likewise, as imperialist-minded leaders were eager to control regions and penetrate distant markets across the globe. Because the Japanese feared they might be next and understood how vulnerable they were, profound structural changes became imperative. Working in behalf of a new Emperor (a 14-year-old installed in 1868) a dynamic cadre of rising leaders ushered in an era of dramatic changes across society. Local potentates were undermined, the Samurai class had its privileges revoked, and land reforms were introduced.
A central authority assumed control and promoted the semi-divine status of the Emperor as the supreme symbol of national pride and unity. The leadership openly proclaimed its intention to import the most advanced technology available overseas, the Emperor announcing that “Knowledge shall be sought all over the world.” Students as well as delegations of Japanese went forth, encouraged to observe and absorb whatever could advance the nation’s interests. For example, new criminal and civil codes were introduced along lines similar to those in France and Germany. And in 1889 a Constitution was proclaimed establishing Parliament (Diet) and cabinet and the office of Prime Minister. National conscription was introduced (requiring four years of service), and a Japanese army created. Furthermore, a newly organized public school system was put in place and six years of education made mandatory, while a national dialect was introduced to further advance the process of reorganization and national unification. The economy took off, the result of direct government intervention and stimulus. There was impressive growth of railroads, a merchant marine, communication facilities, coal mines, as well as chemical plants, munitions production and textile manufacturing. After a time most of these operations were sold off to private entrepreneurs who consolidated them into powerful economic conglomerates (Zaibatsu).
Would this extensive national makeover now enable Japan to hold its own in the international arena? The question was first answered in 1895 when Japan defeated China in the Sino-Japanese war and again in 1904-5 when the Japanese humbled Russia in the Russo-Japanese conflict. But Japan came away from the latter clash embittered, convinced that U.S. president Theodore Roosevelt, serving as mediator, intervened prematurely, eager to conclude a peace treaty, thereby depriving the Japanese of what they believed to be their just reward, especially after devastating the Russian fleet at the Battle of Tsushima Straits.
In the years that followed, Japan and the United States, both rapidly rising powers, grew increasingly suspicious of one another. Many sources of conflict went unresolved. The day of reckoning finally arrived on December 7, 1941, when the Japanese launched a massive sneak attack against the U.S. at Pearl Harbor. As the Japanese flagship Akagi headed toward the target, and while its sailors cheered wildly, it ran up the very same battle flag unfurled 36 years earlier in Japan’s smashing navel victory over Russia. The attack against the U.S. about to be launched would, the Japanese believed, at long last demonstrate that they had arrived, achieved Asian Supremacy.