Normally, Michael Ledeen wouldn’t qualify as an optimist, especially on Iran. That’s what makes his column today on the mullahcracy’s fortunes interesting reading, as Ledeen sees the regime teetering after its proxies have lost ground. But is Ledeen a little too hopeful? First of all, the dramatic drop in oil prices is devastating to the mullahs, who had planned to be able to fund terrorist proxies throughout the Middle East, Europe and the Americas. Suddenly their bottom line is tinged with red, and this carries over onto their domestic balance sheets, which were already demonstrably shaky (they were forced to...