Mr. Smith is at work. Right now.

The Wall Street Journal writes the best editorials in the newspaper business - but this one stands out:

The Editorial Board:

"Today's credit panic isn't some "crisis of capitalism" that needs a vast new layer of regulation. We are living through the aftermath of a societal credit mania fueled by excessive money creation. The regulators are as much to blame as the regulated, and Adam Smith is providing more punishment and reform than Washington ever will."
The Invisible Hand? This might be more like the Invisible Fist, but if that's what Professor Smith says we need, then that's what we'll get - and it will be better than what Washington can do.

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