Both parties are to blame and yes Obama's support for subprime loans added to the mess. But Obama is just another empty suit spending away the future of younger generations along with the rest of Congress.
You can't over spend your way out of a recession and not suffer a day of reckoning. We're broke and following the PIIGS into a unavoidable sovereign debt crisis.
Yeah, the repeal of the Glass-Steigel Act by the GOP had NOTHING to do with it.
The fact that this repeal let Lehman Brothers, Bear Stearns and AIG back in realestate had nothing to do with it.
The fact that once these firms were let back in they CREATED (didnt exist before), securitized mortgages, and credit default swaps, which at the time of the burst where equal to MORE THAN THE GDP OF THE WORLD!!!!, had nothing to do with it.