...nothing could be more dangerous to Mr. Obama's political aspirations than the revelation that he, the son of a white woman, sat Sunday after Sunday -- for 20 years -- in an Afrocentric, black nationalist church in which his own mother, not to mention other whites, could never feel comfortable. His pastor, Rev. Jeremiah Wright, is a challenger who goes far past Al Sharpton and Jesse Jackson in his anti-American outrage ("God damn America").

How does one "transcend" race in this church? The fact is that Barack Obama has fellow-traveled with a hate-filled, anti-American black nationalism all his adult life, failing to stand and challenge an ideology that would have no place for his own mother. And what portent of presidential judgment is it to have exposed his two daughters for their entire lives to what is, at the very least, a subtext of anti-white vitriol?

What could he have been thinking? Of course he wasn't thinking. He was driven by insecurity, by a need to "be black" despite his biracial background. And so fellow-traveling with a little race hatred seemed a small price to pay for a more secure racial identity. And anyway, wasn't this hatred more rhetorical than real?

But now the floodlight of a presidential campaign has trained on this usually hidden corner of contemporary black life: a mindless indulgence in a rhetorical anti-Americanism as a way of bonding and of asserting one's blackness. Yet Jeremiah Wright, splashed across America's television screens, has shown us that there is no real difference between rhetorical hatred and real hatred.

No matter his ultimate political fate, there is already enough pathos in Barack Obama to make him a cautionary tale. His public persona thrives on a manipulation of whites (bargaining), and his private sense of racial identity demands both self-betrayal and duplicity. His is the story of a man who flew so high, yet neglected to become himself.

Any deal would all but wipe out Bear Stearns shareholders, whose shares have not traded below $20 since 1995. The pain would be most acute for Bear's own employees, who were seeped in a culture of firm ownership...