Limbaugh’s Crazy Conspiracy Theory: Democrats Started The Economic Crisis To Help Elect Obama

from ThinkProgress

Today, the New York Times had an article about how right-wing talk radio is gearing up to aggressively go after President-elect Obama over the next four years. Rush Limbaugh demonstrated his commitment to this crusade today on his radio show by blaming Democrats — especially Sen. Chuck Schumer (D-NY) — for starting the current economic crisis.

Here’s how Limbaugh’s conspiracy theory goes: Schumer caused on run on IndyMac bank in California this summer, in order to create a feeling of financial panic amongst the public. Democrats then capitalized on this panic with electoral wins in the White House and Congress. The purpose of gaining this power, according to Limbaugh, was to nationalize U.S. industries:

LIMBAUGH: Who’s benefiting? Aside from the people being bailed out. The Democrat party and Barack Obama are benefiting.

They got elected, they increased their numbers in the House, they increased their numbers in the Senate, they got the White House now, and they’ve got a crisis that people think can only be fixed with the all-mighty and powerful government interceding to save this or to save that, when in fact, the government is going to nationalize the automobile industry. It’s going to nationalize some banks. It’s going to nationalize the mortgage industry, and may end up nationalizing the automobile industry.

(More here, with audio.)