Krugman.
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September 10, 2012, 8:36 pm
Spinning for Dollars
Convention season has been brutal for the Romney campaign. Romney has trailed Obama, not by a lot but significantly, for months; the RNC was supposed to bounce him into the lead. Instead, Romney didn’t get a bounce — but Obama did. It’s far from over, but at this point Obama is the clear favorite to win.
Those are the facts. So why is the Romney campaign spinning furiously in an attempt to deny them? Well, I have a theory; it’s obvious, but I haven’t seen it elsewhere. It’s about the money.
OK, it’s true that part of this may be the carryover from conservative epistemology more broadly, in which truth is what’s ideologically convenient, never mind the evidence. But there’s also a very rational reason to try to pretend that things are going better than they are.
Bear in mind that Romney’s one big advantage is a huge pile of cash. Much of this pile comes from committed right-wing zealots, like the Koch brothers. But a good chunk comes from business interests, Wall Street in particular, that historically try to buy influence with whoever they think will win. They like Romney better than Obama — he doesn’t look at them funny — but they’ve placed a very big bet on the Republicans this time compared with previous occasions, and they have to be feeling nervous.
If they come to the conclusion that they invested in a loser, they will try to cover their position by rushing a lot of cash to Obama in the final weeks of the campaign. And that will blunt the one big advantage Romney still has.
So the Romney campaign has to do all it can to obscure and deny reality, lest perceptions that their candidate is a lemon turn into a self-fulfilling prophecy.
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