I think there was blame to go around.
Both parties had a hand in repealing Glass Steagall allowing banks to engage in riskier behaviors.
The Fed lowered the reserve ratios to historic lows, probably in response to globalization. But lowering our standards to world standards in response in response to globalization is not a wise move. We should be bringing the world up to our standard if they want to play in our market.
The way the Bush administration announced the finanical crisis ensured more consumer panic than would have occurred under a normal recession.
I still think there was market manipulation going on that has not been investigated or prosecuted.
The SEC’s limiting option trading on some banks while leaving the others to feel the full effects of hedging programs helped kill some banks.
What your describing were symptoms of something bigger going on. 9/11 was the *cause* of the financial crisis. See here:
All For The Loss of a Nail....(and 9/11)
http://www.freerepublic.com/focus/f-bloggers/2157996/posts