Did President Reagan panic? Were there calls for bailouts? No. Instead, my dad simply said hold the course -- what goes down must in fact go up. He made sure that there was no panic. By remaining calm and steady he kept the nation and the market calm, and what happened? Since 1987, the market has been up as high as almost 12,000 points. Now it's down to a little over 10,000. In 1987, the market dropped all the way down to about 1786 points. And we didn't panic.
What's going on now in Washington is a panic-driven attempt to cope with a temporary problem. We seem to have forgotten the old adage about the foolishness of acting in haste leading to repenting in leisure.