What really killed the economy

Herman Cain debunks claims of ‘blame Bush’ Democrats

You’re going to hear it all week out of Charlotte. The Democrats know that the economy is horrible, and there’s no way they can plausibly claim otherwise. So they’re going to spend three days telling us – in stump speeches and in media interviews – that you can’t blame Barack Obama because he inherited the whole mess.

We know this routine all too well by now: It’s all Bush’s fault.

imagescaexwg1r What really killed the economy

Except that it’s not, and it never was. One of the worst things about the mortgage market meltdown of 2008 is that so few people understood what really happened. Because it was complicated and hard to understand, people with ideological axes to grind tended to gravitate to whatever suited their preconceived point of view.

For Democrats, it was a poorly regulated Wall Street and fat cat bankers run wild. This was the easiest narrative to sell in 2008, when the public was tired of the Bush administration and the media were only too happy to push the notion that Republicans had spent eight years letting free-market capitalism run wild at the expense of the little guy. So when Obama vowed to “crack down on Wall Street,