Humility isn’t something that a prince has much occasion to learn.

We see something parallel happening all the time: people who think they can handle something, and are unwilling to admit — or unwilling to believe — some outside reference.

We had the stimulus, an expenditure of nearly a trillion dollars that was supposed to keep unemployment from reaching eight percent — but we’ve never gone below eight percent since. The quantitative easings. The GM bailout. And now we’re being told that we need more quantitative easing, more spending, new programs … while conditions are actually deteriorating again.

There comes a time when you have to say: “What we’re doing isn’t helping. Have we lost our horizon?” It can be very hard to admit that. It requires a bit of humility, which is very hard for someone like Obama to learn.