One of the more frustrating Republican talking points is the politically advantageous assertion that Enron's collapse, far from being a scandal, actually vindicates the free-market system. "That companies like Enron go bankrupt," National Review lectured recently, "is a sign that markets work." Treasury Secretary Paul O'Neill hailed its collapse as "the genius of capitalism." And as Ken Lay sat glumly before Congress recently, while news spread that six Enron directors would resign, it probably sounded like a reasonable point. After all, who would let Lay or Enron's directors run their business? You wouldn't trust Wendy Gramm to balance your checkbook, would you? They're finished, done, kaput, right?