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As the Wall Street Journal looks at being acquired by Ruptert Murdoch or some other higher bidder, Paul Gigot on the editorial page has the grace and integrity to note, "...capitalism is dynamic, and those of us who extol the virtues of Joseph Schumpeter's "creative destruction" for others can't complain when it sweeps through our own industry." Gigot's column this morning is a marvelous summation of what makes the Journal edit page so wonderful. For example,

Everyone knows that the influence of Times Publisher and CEO Arthur Sulzberger Jr. extends to selecting not merely the editorial page editor but columnists, political endorsements and, as far as we can tell, even news coverage priorities. We don't see how this differs from most of what Mr. Murdoch is accused of doing with his newspapers...

in 1948...Editor (of the editorial page) William Grimes...[said] "our loyalties are to the economic and governmental principles in which we believe and not to any political party." In one of his visits to the White House, Editor Vermont Royster was thanked by John F. Kennedy for supporting his free-trade agenda. "Young man," said Royster, "the Wall Street Journal was supporting free trade before you were born." The Journal hasn't endorsed a Presidential candidate since Herbert Hoover, preferring instead to praise or assail the candidates' ideas.

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