The Democrats led Americans to the worst recession since 1929 via the Community Restoration Act, a liberal idea that every one should be able to own a home even if they couldn't afford one.Problem is weird things happen when you can't pay your mortgage.
The repeal of Glass-Steagal by the GOP Congress under Clinton would later spread the bad home loan crisis to the financial markets. But let's go the beginning of crisis.
Alan Greenspan lit the fuse with low interest rates.
Then Bush signed The American Dream Act passed by a GOP majority which greatly eased the 10% downpayment obstacle.
The banks themselves made bad loans. They were "bad" because the banks themselves set them up that way. They knew the borrower would default, in which case the bank would keep the payments and own a more valuable house in what at that time was a rising market.
The FBI warned Congressional leaders in 2004 of an impending financial disaster.
And how did the Repubilcan majority act? They did nothing.
That a handful of Democrat senators and congressmen acted on behalf of the banks hardly absolves the GOP Congress from an incredible display of negligence.
Furthermore, when the Dems regained the majority in 2007, one of the first things they did was to rein in home loans. But by then, the damage was done and the dam getting ready to burst.
Elephants busted again.