CAMBRIDGE -- When asked what he thinks of Republican presidential nominee John McCain and other Republicans blaming Barney Frank for the country's current economic problems, Congressman Michael Capuano could only laugh.

"I absolutely think it's hilarious that it's apparently his personal fault that the entire world economy is in the toilet," Capuano, a Somerville Democrat, told PolitickerMA.com. "I wish that Barney was that powerful and that influential because the world would be better off if he were."

In the final weeks of campaign, McCain and other Republicans have often blamed Frank, the chairman of the House Financial Services, for the failures Fannie Mae and Freddie Mac, the embattled mortgage lenders. McCain has also attempted to use Frank to warn voters of the dangers of one-party rule in Washington if Democratic presidential nominee Barack Obama is elected.

"And he can't do that without raising our taxes or digging us further into debt like Congressman Barney Frank promised to do," McCain said at the end of October, according to the Boston Globe.

Frank, for his part, has struck back against those charges, airing two television advertisements that say Republicans were at the root of the current economic crisis.

Capuano said he respects Frank for his hard work on the issue.

"Barney's a very good friend of mine, I really appreciate him," Capuano said. "Like everybody, Barney struggles with the issues. This is not an easy issue. This is an issue that nobody really understands. But he's a smart guy and he's struggling through it like we all are."

Capuano also said he doubted that the Republican tactic of trying to tar Frank on the economy would gain traction. "It's too much," he said.

The Democrat also noted that Frank probably sees some humor in the charges, or at least he did when it first started.

"I think on some levels, Barney is probably relishing it," Capuano said. "But my guess is by now he's probably a little sick of it."

Editor's Note: This is the third story based on a lengthy interview with Congressman Capuano. Check out the first story, on whether state Sen. Dianne Wilkerson should resign, here, and the second story, on whether he would be interested in running for the U.S. Senate, here .