Corruption of the financial industry and the poor practice of debt trading caused the global recession.
Guess what party is in favor of deregulation in the financial and investment industries? The GOP.
Guess which party has no issue with speculative market rigging and wallstreet corruption. Your GOP.
The GOP is in the pocket of the oligarchs, they have been since Reagan.
The Democrats have their power brokers, but they are by and large more interested in populism than the corrupt GOP.
Add to this, Bush's wasteful wars, which he kept off of the books until Obama took office, and we have the perfect maelstrom for economic stagnation.
The GOP is more at fault for the global recession than Bush, but he certainly didn't do anything to help and what he did do caused more damage.
He will go down in history as one of the worst Presidents this nation has ever seen.
It is not any one persons fault. You want to know where most of our financial woes come from? Do you really, really, really want to know? It's very simple. As a matter of fact, I can tell you what's responsible with just a single word. It doesn't matter what party is in power. They are both at fault. Have you guessed what the word is yet? It's GREED. The green eyed monster. That's the real culprit. Any questions?
An important thing to note is that financial regulations rose under Bush and that is where he should be blamed. I have the numbers to prove it if anyone asks. Each recession we keep saying they occur because of regulation failures, but in truth we pass so much regulation by every recession that the regulations should be blamed themselves. The recessions that end easily are the ones where the government takes a hands-off supply-side free market approach.
Now it is important note that the Fed slashed interest rates greatly during the Bush years. Just like just before the Great Depression they cut then raised interest rates causing heavy market distortions. In this case though they were so low many people had little money to pay back. So the housing bubble burst. That isn't a failure of Bush or his administration, but a failure of monetary policy on the Federal Reserve.
The housing laws causing their own crash were passed during Clinton are not Bush's fault. I wouldn't say its Clinton's fault either. The banks were not making the best financial decisions and had their own problems.
Also people were pointing at the bubble 2 years before the crash. It could have waited a year and happened during Obama and everyone would have blamed him.
The President's job was so stupid people would blame him for Congress screwing up.
"So we have the FED quickly pushing up interests rates from 1998-2000 and 2004-2006. Coincidentally a stock market bust occurred in 2000. A housing bust and a stock market bust both followed the FED’s aggressive rate hikes by late 2007. The economy fell into recession both times. How is this Bush’s fault again?" http://www.netadvisor.org/2012/08/16/is-it-really-bushs-fault-what-are-the-facts/#.U9KhdkCBWik