Ace is right and Jay Cost is wrong. If Republicans act like they are to blame, the American people will assume that they are to blame. Republicans must argue forcefully for the truth (i.e., Democrats caused this fiasco).
Jay Cost, by the way, disagrees with me and thinks that McCain might as well "pee into the wind" as attempt to deflect blame from Republicans when it comes to a banking crisis. He suggests just hitting Obama on Ayers and Wright.
I say: Um, okay, can we not try all three?
Update: More than this election is at stake. If Republicans cede the economic argument to the Democrats, for the next 20 to 30 years, George W Bush will be used against Republican candidates for President the way Herbert Hoover was used. The only way to prevent this, is tell the truth and hope the American people are smart enough to see the truth.