Let's take off the horse blinders the Democrats like to put on the American population and look at the real world situation.
"So whatever caused the 2007-9 recession...."
Answer: the Democrats' lunatic subprime housing mortgage underwriting program that collapsed our economy.
"...had to have resulted from policies that the Bush administration was responsible for...."
Bipartisan effort to include the Democrats' demand for no effective oversight of their ludicrous subprime housing mortgate underwriting program that collapsed our economy, combined with Democrat oversight of the very financial institutions that caused the economic collapse for two years immediately before the collapse.
"...either by initiating them or failing to act against them."
Here is a link to inform you of the Democrats' negotiating position when they were negotiating with the Republicans:
Barney Frank - " I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios."
... and "I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing."
OFHEO Director Armando Falcon Jr - "OFHEO [Office of Federal Housing Enterprise Oversight] did not improperly apply accounting rules; Freddie Mac did. OFHEO did not try to manage earnings improperly; Freddie Mac did. So this isn't about the agency's engagement in improper conduct, it is about Freddie Mac. Let me just correct the record on that. I have been asking for these additional authorities for four years now. I have been asking for additional resources, the independent appropriations assessment powers."
Rep. Gregory Meeks (D., N.Y.)- " I am just pissed off at OFHEO because if it wasn't for you I don't think that we would be here in the first place."
So, here you have the potential disaster to our economy identified as early as 2003, and the Democrats pushing harder for this obviously dangerous program to be expanded.
Now, let's compare the timelines of the Republicans giving to the Democrats their wish for no effective oversight of their insane subprime loan program that ultimately collapsed our economy after 2 years of oversight by Democrats to the timeline of the Democrats being for the Iraq operation before they were against it.
.... damn. Looks like the Democrats traded their (temporary) support for the war effort for no effective oversight of their subprime program that collapsed our economy after 2 years of oversight by the Democrats.
So are you saying that when F&F cooked the books, during Bush, that it was the Dems fault?
And that after Bush's 2002 'we need to make sure by any means possible that every American owns a home' speech that the sub prime market didn't expand 10 fold? And that it was never an issue until 2007?