Rahm Emanuel is famous for two things. One is this quote: “You never let a serious crisis go to waste. And what I mean by that: it’s an opportunity to do things you think you could not do before.” That passage comes to mind watching President Trump’s stops in Texas and Missouri. Amidst a terrible tragedy, there’s opportunity for this president. Will he seize the moment?

Leaders and voters can’t decide between isolationism, realism, and idealism. 

Fed Chair Janet Yellen gave a thoughtful speech at the Jackson Hole conference.The choice of topic, financial stability and the Fed's role in financial regulation and supervision, says a lot. Financial regulation, supervision, and other tinkering, is much more centrally a part of what the Fed is...