Before you go wagging your finger at George W. Bush and blame him for the mess he left your guy, it's time for a brief history lesson.
Clinton repeals Glass-Steagall Act in last year of office. It paved the ground work sub-prime lending by nullifying the separation of investment and commercial banking.
In other words, mixing the commercial and investment banks functions caused banks to take too much risk with depositors' money.
Enter Barney Frank...
In 2003, while the ranking minority member on the Financial Services Committee, Frank opposed a Bush administration proposal, in response to accounting scandals, for transferring oversight of Fannie Mae and Freddie Mac [...]to a new agency that would be created within the Treasury Department. The proposal, supported by the head of Fannie Mae, reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities ...are not facing any kind of financial crisis ... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." In 2003, Frank also stated what has been called his "famous dice roll": "I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the Office of the Comptroller of the Currency and the Office of Thrift Supervision. I want to roll the dice a little bit more in this situation towards subsidised housing."
Then there's Chris Dodd...
During this period, Dodd denied rumors these firms were in financial crisis. He called the firms "fundamentally strong", said they were in "sound situation" and "in good shape" and to "suggest they are in major trouble is not accurate." In early September, after the firms continued to report huge losses, Secretary Paulson announced a federal takeover of both Fannie Mae and Freddie Mac. Dodd expressed skepticism of the action, which the Treasury estimated could cost as much as $200 billion.
Dodd is the number one recipient in Congress of campaign funds from Fannie Mae and Freddie Mac.
So failed oversight by Democratic leaders in Congress can be pointed at as the culprits for what would later be know as the subprime mortgage crisis. Let's see... and it looks as if Congress controlled both the House (Speaker of the House w/ Pelosi) and Senate (Senate majority leader w/ Reid) right before it really hit the fan starting in 2006. So the Progessive response is to blame Bush, even though he was pushing for an alternative proposal with more oversight.
So how does this relate to Obama? He was one of the many that had pushed for subprime lending. .
Barack Obama used his status as a legal hired gun to sue Citibank to force them to give loans to poor minorities in Chicago.
In other words, he sued a bank into creating subprime mortgages.
Why did Citibank have to be forced into granting those loans? Because they weren't profitable — they were going to end in foreclosure. Subprime loans almost ended the financial system as we know it in 2008, after fueling a mortgage bubble that exploded with devastating effect on the economy. Obama was right there in the thick of it, helping to create the problem and undermine capitalism.
Obama was also part of the 2006-2008 Democratic controlled Senate I mentioned earlier. He had an opportunity to speak out if was so concerned, but a look at his voting record shows he preferred merely to be "present." So he didn't solve our problems then, and he certainly isn't solving them now.
So let's take a brief look at Obama's promises or self-descriptions. This is by no means comprehensive... but gives you a general idea of the man's short-comings and failures.
1. Obama was against gay marriage his whole life and now is for it. (Small clarification,...Obama was against gay marriage on the record in 96', then was for it in 04', against it in 08' and evolved to accept it in 2012. Ironic that those were all election years, huh?)
2. He didn't want the individual mandate then put it in.
3. He isn't a big spender.
4. Unemployment won't go over 8%.
5. He will fix the housing sector.
6. He will fix the border.
7. He will close Gitmo.
8. He will win and end the Afgan war.
9. Sitting down with dictators without precondition will make them love us more.
10. He will cut the federal deficit in half.
11. He will bring people together.
12. He will end gridlock in Washington.
13. He will not raise taxes on the middle class.
14. He will get people working with 'shovel ready' jobs.
15. He will curb global warming.
16. He will restore America's prestige and honor across the globe.
17. He will be the most transparent president ever.
18. The healthcare debate will be on CSPAN.
He's a failure with:
- $16 trillion national deficit
- scandals arising from the admin's handling of Benghazi and Fast & Furious
- manipulating the unemployment numbers (see the admin's violation of WARN) to look re-electable
- with his only solution is to simply create more government bloat through stimulus spending
- failed investments in green energy spending to the tune of $90 billion (see Solyndra) + an energy secretary (Mr. Chu) who has admitted to purposely ramping-up gas prices to make green energy vehicles look more attractive
- lastly an Obamacare policy that will create more overhead costs for businesses nationally and will lead to more massive layoffs, a decrease in choices and an increase in cost for private policies, and lastly an unwarranted 3.8% levied on all citizens (the mandate)
I'm sure I could go on but why bother since you either get the point or you don't by now.