Here’s something to get you in the holiday spirit: According to Catherine Rampell at the New York Times, last quarter’s corporate profits were the highest on record. “American businesses earned profits at an annual rate of $1.66 trillion in the third quarter,” Rampell writes—the largest amount since the government began tracking earnings more than 60 years ago.

At the end of last year, Arianna Huffington and friends urged Americans to make moving their money to small, community banks a New Year’s resolution. Now, it appears that resolution has been televised, as Press Secretary Robert Gibbs made a similar recommendation at yesterday’s White House briefing. This is a big win for blogs, but what about those poor, too-big-to-fail banks?

In June, I wrote a story that raised big questions about the value of the government’s $80 billion deal with Big Pharma, and wondered if the deal came with the trade-off of killing legislation that would enable the government to negotiate directly with pharmaceutical companies for lower prices. Such a trade-off would be indefensible. That [...]