I'm still disgusted with the way that Kay is being misquoted all over the place. So, if anyone's interested, here's a word-for-word transcript.

] KAY: I think Iraq was a dangerous place becoming more
] dangerous, because, in fact, what we observe is that the
] regime itself was coming apart. It was descending into
] worse the part of moral depravity and corruption. Saddam
] was isolated in a fantasy land capable of wreaking
] tremendous harm and terror on his individual citizens,
] but corruption, money gain was the root cause.
]
] At the same time that we know there were terrorist groups
] in state still seeking WMD capability. Iraq, although I
] found no weapons, had tremendous capabilities in this
] area. A marketplace phenomena was about to occur, if it
] did not occur; sellers meeting buyers. And I think that
] would have been very dangerous if the war had not
] intervened.
  . . .
] Iraq remained a very dangerous place in terms of WMD
] capabilities, even though we found no large stockpiles of
] weapons.

FOXNews.com Transcript: Interview with David Kay, February 1, 2004