It's not just Michael Steele (although the Repubs do love the non-white scapegoat...)
With eight months to go before congressional elections, House and Senate Democratic candidates exceed in virtually every important campaign fundraising category.
You can blame Michael Steele if you want, but let's face it. It's much bigger than Steele.
The top Republican figures are wingnuts, and the smart/business/old money are less likely to give to the wingnuts. The rank and file may produce visible fundraising bubbles around profile figures ("You lie!"), but the serious big money folks aren't donating to fundraisers led by Sarah Palin.