There is only one story better than Icarus falling to earth; and it’s Icarus getting back up and putting on some shades. The media will fall for it. The public will merely notice that the guy can come back and fight. Even when they don’t always agree with such a figure on the issues, they can admire him.

Again, the real parallel is Ronald Reagan. People forget how unpopular Reagan was at the same point in his presidency — and passing a big tax cut was legislatively a lot easier than reforming a health sector the size of the British economy. But like Obama he persisted and, with luck and learning, aimed very high. Obama has bet that this is his destiny. He is extremely cautious from day to day, staggeringly flexible on tactics, but not at all modest when you look at the big picture. He still wants to rebuild the American economy from the ground up, re-regulate Wall Street, withdraw from Iraq, win in Afghanistan, get universal health insurance and achieve a two-state solution in Israel/Palestine in his first term. That’s all.

And although you can see many small failures on the way, and agonising slowness as well, you can also see he hasn’t dropped his determination to achieve it all. This is what we’ve learnt this year: Obama does not mind defeats if they are procedural or about others saving face. He’s happy to admit error; to give his opponents a chance to lunge at his jugular; to let opponents enjoy a day in the sun; to shave off any small stuff as long as the big stuff remains. He seems oddly impervious to personal insult: he doesn’t mind being affronted by the Chinese or humiliated by Netanyahu as long as it’s a matter of symbolism. On substance, he wants what he wants; and, on the big stuff, he has given up on nothing yet.

YO, ECONOMIST – I was scandalised to learn I had been previously scandalised without even knowing it, when I read that Gordon Brown had “scandalised Americans” by referring to our president as “Barack”. I think this may be a case of British self-flattery. Before the outbreak of such outrage three things would have had to happen which simply did not. First, Americans would have to know who Gordon Brown is. Second, they would have to know that he referred to President Obama as Barack. Finally, and most importantly, they would have to care. I don’t recall any news story on this. We reserve such interest for the mistresses of our sports celebrities. Lates, Steve R New York