House Speaker Nancy Pelosi’s call for an investigation of Wall Street failures — Bear Stearns and Lehman Brothers — connected to the subprime mortgage mess are aimed in the right direction.

But her targets –Wall Street firms and the Bush administration –miss the biggest culprits: Fannie Mae, Freddie Mac, the Democratic Congress and its insiders in those two mortgage guarantors.

Pelosi’s denial of Democratic culpability qualifies as laughable, especially given that we already have proof of the Enron-style accounting procedures that were being practiced at Fannie Mae by former Clinton administration appointees Franklin Raines and Jamie Gorelick.

The accusations were detailed in May 2006 by the Office of Federal Housing Enterprise Oversight.

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