"Too big to fail" was the verdict in the U.S. Treasury decision to backstop mortgage lenders Fannie Mae and Freddie Mac. But is the taxpayer risk of moral hazard still as big as ever?

President Bush was on message Wednesday in a Rose Garden news conference, when he kept up the pressure on his a drill, drill, drill offensive. He said he knows Americans are worried about gasoline prices and wants them "to understand fully that we have got the opportunity to find more crude oil here at home in environmentally friendly ways."

On the day after an unusually important Fed policy meeting, both gold and stocks severely rebuked the central bank's decision to take no action in support of the weak dollar or to curb rapidly growing inflation. Gold spiked $30, a clear message that Bernanke & Co. won't stop inflation. Stocks plunged over 200 points, an equally clear message that the Fed's cheap-dollar inflation is damaging economic growth.

Sen. John McCain moved decisively to the supply side last week in a strong speech to the National Small Business Summit in Washington, D.C.

Fed chairman Ben Bernanke made big news Tuesday by singling out the weak foreign-exchange value of the U.S. dollar as the principal culprit in "the unwelcome rise in import prices and consumer price inflation."

Tuesday's Wall Street Journal strongly editorializes against the Warner-Lieberman cap-and-trade plan that allegedly will solve our alleged problem with global warming -- now called climate change.

President George W. Bush and Sen. John McCain went to bat on energy policy this week. And guess what? They both struck out.

President George W. Bush may turn out to be the top economic forecaster in the country.

It's rather amusing watching the liberal media launch a full-scale attack on George Stephanopoulos and Charles Gibson, with Gen. Tom Shales of The Washington Post leading the charge.

Surprise, surprise. Having failed to puncture Gen. David Petraeus' story about great improvements on the ground in Iraq, liberals are now saying the cost of the Iraq war has somehow undermined the economy -- even caused the current slowdown. What complete nonsense.