Arianna Huffington has a bone to pick with the media.

The cable news outlets, she says, are focusing too much on the "Blago/Burris/Reid and Kennedy/Paterson/Cuomo soap operas," and not enough time investigating how we’re spending the government’s multibillion-dollar bailout.

"Why have the media shown such relatively little interest in the utter lack of transparency about the bailout? Is it because they are still in campaign mode - addicted to small bore, quick burn-out stories?" she writes in a column on her site, the Huffington Post. "The time has come to recalibrate. … Admittedly, governing stories aren’t usually as sexy as campaign stories … [But] this mystery is unfolding right in front of us, and the size of the victim pool could very well depend on whether we unravel the mystery in flashback or while it’s still in progress."

Huffington’s not the only person calling for an explanation. A congressional oversight panel will today release a report accusing the Treasury Department of not telling its strategy for getting the financial system back on track, of having done nothing to help troubled homeowners and of having "significant gaps" in its ability to track the hundreds of billions of dollars in taxpayer money, according to The Wall Street Journal.

Incoming Treasury Secretary Tim Geithner and other members of Barack Obama’s economic team are trying to overhaul the program and expand it to help more than just Wall Street.

Sources told The Washington Post:

Geithner has been working night and day on the eighth floor of the transition team office in downtown Washington with Lawrence H. Summers and other senior economic advisers to hash out a new approach that would expand the program’s aid to municipalities, small businesses, homeowners and other consumers. With lawmakers stewing over how Bush administration officials spent the first $350 billion, Geithner has little chance of winning congressional approval for the second half without retooling the program."

Word has it the new plan would use more bailout money to help homeowners avoid foreclosure and unclog the credit markets that finance loans to consumers, small businesses and municipalities that rely on credit to pay public employees like police. That should be good news to Main Street and beyond – the real ones who have suffered from Wall Street’s misdeeds.