People will see this problem has much more to do with Democrat policies than Republican. It is too bad though that this process was not stopped by Republicans. Of course the MSM will not look at any of this with objectivity.
Intelligent people will see that this crisis was caused mostly by leftist Democrats, but the sheeple who get their news from the MSM will be told that it's the GOP's fault. If a hurricane hits a city, and the local Dems don't evacuate it, and don't allow FEMA in for two days, it's the GOP president's fault. If leftists give out home loans to Democrat voters who lack the means to pay them back, and this causes a financial meltdown, it's the GOP president's fault.
That's the way it will be unless the GOP fights back. Bush just sat there and let himself be blamed for Katrina. If McCain just blames this meltdown on generic "Wall Street" types without identifying the culprits, including Gorlick, Schumer, Dodd, Frank, and Obama's crony Franklin Raines (the Ken Lay of Fannie Mae), then the very people who caused the crisis will benefit politically from it.