BEVERLY HILLS, Calif. — Gary Gensler and his Democratic colleagues on the Securities and Exchange Commission will try to sell their long-awaited report on the “meme stock” trading frenzy as a clarion call for more regulation.

But if you remove the report’s propaganda, it shows that our markets work pretty well. Even better, small investors have never been protected more from abuse than they are today.

Of course, the Biden administration doesn’t want you to see the glass-half-full version of the trading madness that occurred earlier in the year. They want you to think something is wrong with the plumbing of the markets — and small investors need to be protected — since, for a few days, a handful of stocks soared to astronomical heights for …