The Right is Trying to Blame Democrats for the Bush Economy
The right is orchestrating a campaign to blame Democrats for the economic collapse. In cases like this it is often a matter of being the first out there with a story. For example, Progressives and Democrats could have been explaining the economic collapse on the cost of the war, or the huge borrowing that resulted from the tax cuts. But now the right is out there with a story, and the ability to get that story to the public. So we'll see which narrative takes over.
Here's the story. A major bank failed yesterday, and a Bush appointee in the government put out a statement directly blaming Democratic Senator Schumer. So the narrative the right is pumping out is that "the government" says Schumer is at fault for the bank failure. (What Schumer did was say that the bank appears to be insolvent because it was. Republicans say this "caused" a run on the bank. The fact is the bank was closed because it was insolvent, not because people were taking their money out. Runs can't cause SOLVENT banks to fail because the Fed provides all the cash needed during a run. The FDIC closes banks that are NOT solvent. But facts don't matter.) I suspect you'll be hearing a lot more of this from Limbaugh Monday.
