What would Ronald Reagan say? It's not hard to find out. In his famous 1977 speech to CPAC, he spoke of the conservative ideology as an appeal to principle and common sense, not scapegoating or fear-mongering. There was criticism of communists and dictators but not of foreign trade. He spoke fondly of free markets, free enterprise and limited government intervention, not tariffs. "Extreme taxation, excessive controls, oppressive government competition with business, galloping inflation, frustrated minorities and forgotten Americans are not the products of free enterprise," Mr. Reagan said that day.