Democrats, Be Careful What You Wish for

Democrats are in rough shape heading into the midterm elections, which is why they're so giddy about the financial reform bill. They think it can "put some distance between them and the Obama administration's reckless spending policies over the past year," writes Karl Rove. "They believe that by overhauling the rules Wall Street lives by, they can redirect populist anger away from them and toward the financial sector. But voters are smart enough to see through the ploy."

If Democrats are smart, they'll address Republican complaints on everything from the "bailout fund" to the unnecessary consumer protection agency, writes Rove in the Wall Street Journal. But "if Democrats get financial regulation wrong and the economy is stumbling come 2012, Americans are not going to reward the man who gifted them four straight anemic years. If that's the case, no amount of whining, spinning or adroit use of teleprompters will save Mr. Obama from voter wrath." (More Democrats stories.)