Thanksgiving is upon us. That makes it a perfect time to contemplate turkeys -- as in "What a turkey that deal was!" Almost all of this year's winners have some connection to the federal government, because the feds have been such a huge factor in the financial markets. But have no fear: Rising stock prices and cheap money, combined with the greed that is beginning to displace fear, are producing plenty of private-sector poults that will be tomorrow's full-grown birds.

-- "Cash for Clunkers." It was a well-intentioned plan that was supposed to increase consumer confidence, spur fuel efficiency, jump-start the auto industry and help create American jobs. Instead, it disproportionately benefited foreign automakers, which create fewer North American jobs per...