Rep. Barney Frank is beginning to own up to his mistaken judgment in the runaway spending at Fannie Mae and Freddie Mac--which played a huge role in the housing bubble. But, meanwhile, the Administration is planning an even bigger bailout for these two semi-governmental entities.
This is the most significant and most neglected issue in the current campaign. The airwaves are alive with exaggerated attacks on opponents' character and slippery insinuations about opponents' policies. But the glaring issue that started the recession--and may cause a double dip--is still not being faced.
In Britain the new Conservative/Liberal government is cracking down on many of the "quangos" (quasi-governmental organizations) that operate largely outside the accountability of parliamentary democracy. But America has not begun to do anything similar.