It is a sad spectacle. U.S. President Bill Clinton, desperate to salvage his scandal-laced legacy, crisscrossing the nation proposing new spending programs and regulatory initiatives with wild abandon. He seems determined to jettison his one good bequest to the United States: a less loony Democratic Party.

Clinton's moderation was always heavier on rhetoric than practice. Nevertheless, his early political defeats helped moderate his worst excesses.

That made leftwing social engineers apoplectic. They need not have worried. Clinton is busy seeking to bring back the good old liberal days of regulation.