By putting the relatively unknown governor of Alaska, Sarah Palin, on his presidential ticket, John McCain has demonstrated that rarest of all political qualities: willingness to take a real risk on a serious new venture with great potential. It’s a sign of confidence, not desperation. If the response from the conservative base is any indication, McCain has hit a home run with the Palin selection. A sullen GOP, set to vote reluctantly, if at all, for the “maverick” (some say unprincipled) senator from Arizona, has suddenly become electrified. In the first 36 hours after McCain announced his pick, $7 million...