I started a very long post responding to who is to blame for this economic mess. Well the biggest problem was subprime mortgages which led to inflation of home prices. Why did this happen?? A little known bit of legislation called the Community Reinvestment Act brought to us by Jimmy Carter and the Democrats. I was going to go through the long explanation, but then I found this youtube video that explains it quite succinctly. I checked out the facts.. you can to.
I know its long, but it's worth it. Watch till the end.