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To call the Wall Street Journal editorial page Neanderthal would be a grave insult to Neanderthals. Geico, so easy Paul Gigot can do it.

Today, however, the lead editorial in the Journal says:

Serving as lender of last resort in these conditions is the proper function of central banks.

Sounds about right, but it's funny how rich investors deserve interventions in the market to save them from themselves, while the rest of us can go hang when we need something done outside one market or another. Oh, sure, the WSJ frames their opinion in free market terms when arguing against a rate cut - "bring the markets' risk appetites back in line."

Here's the basic contradiction:

• Lose your health insurance, get sick, and need protection from creditors - tough.
• Lose your head, go long in risky securitized mortgages, suffer a downturn that busts you - too much danger to the economy, we'll help.

Free market advocates are always willing to let the free market work as long as other people are the ones suffering.

Update: Quentin Hardy, you go, boy!