While I agree that the media has played a big role, I also believe this whole downturn has been handled poorly by all politicians. They broke the confidence of consumers and the economy dropped off a cliff.
If you have spent enough, then the need to raise taxes becomes imperative. Knowing that raising taxes will cause more chaos and more opportunity to bailout/nationalize industries.
Obama is following the script to a tee. Hopefully, the growing swell of resistance will thwart the liberals attempt to takeover everything.