Quote of the Day (Godfrey Hodgson, on Presidents As Traders in Political Capital)

“Every modern president is a trader, entering office with a stock of political capital. If he were to sit back and attempt to live on the income from it, he would soon starve. So he must venture into the political market and trade. He proposes legislation, handles crises, applies leadership where required, and tries to avoid damaging associations. His record is observed and evaluated by Washington insiders and, in turn, transmitted to the wider public by the media. At the same time, polls recycle public opinion back to Washington, increasing or decreasing the president’s political capital.”— English journalist and historian Godfrey Hodgson (1934-2021), “What Makes a Great President?”, The Wilson Quarterly, Summer 2000