When a rock-ribbed conservative columnist at the Wall Street Journal and the man who was Bill Clinton's chairman of the Securities and Exchange Commission use the same sweeping adjective to describe a situation, you know they're talking about something serious. Testifying before the Senate Governmental Affairs Committee last week, Arthur Levitt, former head of the SEC, identified the Enron affair with "an emerging crisis of systemic confidence in our markets." Three days earlier, Robert L. Bartley had written in the Journal of the "systemic failure" at the root of the matter, one that touched "Directors suspending their ethical guidelines... Accountants and...
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