Um – No what caused the markets to collapse? The subprime mortgage industry froze. Remember the “Right to own a home” from the mid to late 1990s? The right to own a home used the subprime loan market to creat a bubble in American real estate. When the Fed started raising rates, people couldn’t refinance their low interest payments. Bush actually tried reform these mortgage back GSEs Fannie and Freddie. In How to Make Money in Stocks, William O Neall refers to the Community Reinvestment Act as the main fuel for the mortgage market over the 1990s -mid 2000 and he points to it as the main culprit in the subprime mortgage seizure.
The failure to acknowledge this and not attack Obamas role while he was ACORN is the ultimate fox in the hen house scenario, because he can blame Bush and get reelected, and no one calls on Obama to account. In the mean time, the Justice Department can now sue the likes of our banks, i.e. BankofAmerica for taking on one of the largest subprime mortgage originators, Countrywide, for so called predatory lending practices now for redistributing wealth purposes.
This argument that you have highlighted must be blown up or the rinse and repeat cycle will continue to the benefit of Democrats.