It’s a bunch of denial. The fact is that Americans could not grow rich buying 5000 sq ft mansions, SUVs and super sized TV’s with credit from abroad.
Quite true, like all conspiracy theories...it seeks a complicated explanation with many ‘villains’ which would include Pres. Bush, Paulson etc for something that is really quite simple. Bankers and traders were able to make risky loans because it didn’t matter how credit worthy a person was or how much you leveraged in terms of investment...only if you could sell the mortgages or investments...to basically insurance companies...like AIG, Bear Sterns, Lehmans, Fanny etc. It removed risk paving the way for basically gambling by traders and bankers alike.