The hunt for wizards and vampires

Commentary: Shine a light on miscreants, even if it burns

Almost three years after the financial show stopped, dozens of factions — experts, agencies, lobbyists, politicians, regulators, voters — are still shouting, their only unity an angry search for bad guys, rage at bailouts, and demand for new regulation.

The hunt for senior "bad guys" should proceed: too many CEOs and directors have slipped away. However, deep and broad misconception about bailouts and regulation have intercepted good policymaking.

The center of bailout rage: the Troubled Asset Relief Program hose of taxpayer cash into ungrateful banks.