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While the health care debate has been consumed by the smoke and mirrors game on Capitol Hill, one big story is being overlooked: the Obama administration’s decision not to regulate—or even attempt to regulate—the insurance industry, led by AIG, the giant outfit at the center of the national financial collapse. Instead of curbing the power of these companies, Obama is proposing another one of his half-hearted solutions. This time, it’s something called the Office of National Insurance, to be stuck in a corner of the Treasury Department. This new contraption is meant to “monitor’’ insurance—but can’t get involved in setting rules or regulating the business.