Don't be afraid to bring in the best to help you. He or she won't outshine you because you are the president.
Don't get all your news from your in-house clipping service. Glance at the papers yourself occasionally and call old trusted friends often to get the word from Main Street. Call another to get the word from Wall Street. Main Street and Wall Street are both important, to each other and to you.
Sometimes "Don't just stand there, do something" is the way to go. Sometimes, "Don't do something, just stand there" is a better way. But explain your reasoning when you use the latter approach.
Perhaps the most important economic advice I could point you to is the nursery rhyme about the Goose that laid golden eggs. Take care of that goose and remind others to take care of it. Goose abuse could have dire long run consequences.
The most important near-term thing you could do to reassure financial markets and quell the turmoil is to announce early that you don't intend to eliminate President Bush's marginal tax-rate cuts. If you can't go that far, keep the adjustments as small as possible and announce your intentions to be moderate early. A little bad news early is better than great uncertainty and expecting the worse.
You have an education job to do. You must be able to articulate clearly how high tax rates on capital (capital gains, dividends, corporate taxes, the death tax, etc.) diminishes the demand for labor and keeps wages from rising.
While tax-rate increases are bad anytime, they are particularly bad in a recession. The timing couldn't be worse for a tax increase.
Energy limitations must be attacked on all fronts: drill, drill, drill, nuclear, clean coal, wind, solar, and so forth. Don't push for energy independence; push for less energy dependence.
Everyone knows that exports create jobs, but few focus on imports, which represent the gains from trade. Help educate people on the benefits of low prices via imports.
Don't overdo the regulatory reaction to the current financial crisis. Another Sarbanes-Oxley is the last thing we need.
That's enough for now. Maybe more later.