When Is "Ideology" Not Ideology? When It's Liberal Ideology

There's a bit of little ideological deck-stacking in Tuesday's front-page story by former Wall Street Journal reporter Jackie Calmes on McCain and Obama's approaches to the current crisis on Wall Street, "In Candidates, 2 Approaches to Wall Street."

Notice how deregulation is seen by Calmes as an "ideological" position, but attacking "big corporations and financial institutions" is not.

Later that month, he gave a speech on the housing crisis in which he called for less regulation, saying, "Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments to raising capital."

Yet Mr. McCain has at times in the presidential campaign exhibited a less ideological streak. As he did on Monday, he from time to time speaks in populist tones about big corporations and financial institutions and presents himself as a Theodore Roosevelt-style reformer. He supported the Bush administration's decision to seize Fannie Mae and Freddie Mac, the mortgage giants, and he has backed as unavoidable the promise of taxpayer money to help contain the financial crisis.