Unbelievable banking practices are more like it in this case. Basically they have built a house of cards with derivatives and, with the slump in real estate values, we are in for a rough ride. Is it this President's fault? No, not entirely, he inherited crooks that should have been fired and he did not have a magic ball to tell him that or how and when the bubble would burst.
Actually the problem is that under the structure we have set up real estate values are determined by the amount of credit available to fund real estate. The unwinding of leverage is what is producing the collapse in real estate values which is causing further unwinding of leveraged debt and so on.
It started with a bunch of ivy leaguers on wall street and in the Fed thinking they were a lot smarter than everyone else and knew things that the rest of us didn't. As Ronaldus Magnus pointed out about liberals, they know a lot of things that just aren't so.