Is it safe to eat moldy food if you cut off the bad parts?

When is the last time you pulled something out of the cabinet like a loaf of bread and noticed there was a little moldy spot on one corner? What did you do, throw it out? Or just cut off the mold and eat the rest? I think more of us are guilty of option 2 than would like to admit it, but (shock of shocks) it's not a good idea.

According to the USDA, by the time you see mold on the outside of food it's already deeply worked it's way into the inside, i.e. the visible mold is just the tip of the iceberg.

Via Book of Joe