The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.

You may be right that people say: You know what, we had Obama. He was inexperienced. The guy had great rhetoric, sounded good, looked good, but has turned out to be an utter disaster. I want someone where I have confidence and credibility that they're up to the job and that I can trust what they tell me.

Look, in 1800 the sainted Thomas Jefferson arranged to hire a notorious slanderer named James Callender, who worked as a writer at a Republican newspaper in Richmond, Va. Read some of what he wrote about John Adams. This was a personal slander.

The difficulty for Mr. Obama will be when the public sees where his decisions lead - higher inflation, higher interest rates, higher taxes, sluggish growth, and a jobless recovery.

Mr. Obama plans to boost federal spending 25 percent while nearly tripling the national debt over 10 years. Americans know that this kind of spending will have economic consequences, including new taxes being imposed by the new progressives.

If you decide to become a political actor, then the things that you say and you do become subject of public scrutiny and comment.

We're an empire now, and when we act, we create our own reality. And while you're studying that reality - judiciously, as you will - we'll act again, creating other new realities, which you can study too, and that's how things will sort out. We're history's actors... and you, all of you, will be left to just study what we do.