The problem with mainstream reporting and presidential elections, according to Paul Krugman, op-ed columnist at the New York Times, is reporters can't call a liar a liar.

Why do the McCain people think they can get away with [all their lies]? Well, they’re probably counting on the common practice in the news media of being “balanced” at all costs. You know how it goes: If a politician says that black is white, the news report doesn’t say that he’s wrong, it reports that “some Democrats say” that he’s wrong. Or a grotesque lie from one side is paired with a trivial misstatement from the other, conveying the impression that both sides are equally dirty.

They’re probably also counting on the prevalence of horse-race reporting, so that instead of the story being “McCain campaign lies,” it becomes “Obama on defensive in face of attacks.”

For candidates who are losing the battle on issues, lying is a perfectly effective way to change the debate, and the reporting, away from the issues, moving it to the mud, where an issueless candidate has a better chance to win.

That's presidential elections in the 21st Century, and you better get used to it, and candidates better have the capabilities to fight back the lies, with sharp elbows.