As is now well known, Barack Obama’s new Chief of Staff, Rahm Emanuel, told a Wall Street Journal conference last week that, “You never want a serious crisis to go to waste.” He added, his eye on the worsening financial environment, that “This crisis provides the opportunity for us to do things that you could not do before.” President-elect Obama appears to be taking the crisis strategy to heart. Announcing his economic team yesterday, Mr. Obama spoke of an economic crisis of “historic proportions” that requires immediate response: “If we do not act swiftly and boldly, most experts believe we...