Obama Was Right to Say No Puff the Magic Dragon—in his naughtier incarnation—bit the dust when President Barack Obama recently made it clear that he is against legalizing marijuana. Astonishingly, legalization of marijuana ranked as Priority No. 1 for the new administration among the thousands of possible actions voted upon on the website by the public. Obama's prompt no to the query "Will you consider legalizing marijuana so that the government can regulate it, tax it, put age limits on it, and create millions of new jobs and create a billion-dollar industry right here in the U.S.?" dashed the hopes of many who thought our young, hip, new president—who long ago dabbled in the stuff and, by his own admission, inhaled—would come to marijuana's rescue.

His message was delivered on his website, , even before he placed his hand on the Horton Bible. In a "new era of responsibility," somehow a fat new billion-dollar U.S. Yes, even above stem cell research, the war in Iraq, and Wall Street bailouts. Listen to the president's inauguration speech, and it seems clear why he's unwilling.

Marijuana industry doesn't quite square with a world.