I don’t think the latent role of race in Republican politics is best demostrated in the base’s rationale for the financial crisis of 2008.
Most folks on the left think “everyone agrees” Wall Street greed and the systematic gutting of financial regulation were key factors in causing the recession. But there is a different interpretation prevailing among the Tea Party crowd; they believe irresponsible borowers–empowered via the Community Reinvestment Act and “government” companies like Fannie Mae–created a housing bubble that inevitably burst and then demanded relief (thanks ACORN for the political power!) in the form of government handouts. Whatever blame they lay at the feet of the big banks or Bush II, it is because they did nothing to stop it–and in some cases cooperated. The rant that CNBC editor Rick Santelli delivered in February 2009 sums up their position almost perfectly.
In that climate, it’s easy to paint the “irresponsible borrowers” as the you-know-whos taking our hard-earned tax money. And for this narrative to work, Obama has to be the physical incarnation of that crowd–how else could we continue to have an economic slump unless Obama were supporting the moochers? That’s why, for example, the GOP goes on and on about Obama “gutting welfare reform”, long after the mainstream press proves the claim false.
Oops…that’s what I get for last-minute editing. Change the opening sentence to “I think the continuing, latent role of race in Republican politics is best demostrated in the base’s rationale for the financial crisis of 2008.”