The housing meltdown, and corresponding global financial crisis, was started by who is now the SECOND worst president ever, Jimmuh Carter.
Carter signed the “fair housing act”, which languished for years and years until the mediocre president Bill Clinton pushed the issuse.
Clinton had Andrew Cuomo sue banks for failing to make bad loans, a process they called ‘redlining’ (Democrats can make any good thing sound bad- like ‘profiling’- with their willing media propagandists)
Cuomo won what was at the time the biggest judgment in history.
The rest of the banks then fell in line. They realized that they would get sued if they didn't make bad loans, and the government would guarantee the loans if they did, so they were between a rock and a hard place.
So they made the bad loans. Millions of them. And they were allowed to use welfare checks as income. And imaginary income. And your second cousins uncle's promise that he had money for you in his other pants pocket... Etc.
Then, and here is where the real magic happened... These bundles of bad loans were packaged up into ‘derivatives’.
They were magical in the sense that they turned billions of dollars of bad loans into good securities.
And people flipped houses back and forth between each other. I buy your house for $100K, you buy it back from me for $200K, I buy it again for $300K, and so on, until we finally 'prove' it has a market value of $500K because that is what 'someone' was willing to pay for it. So the whole neigborhood of formerly $100K houses must be similar, and you happen to own all of them too... So you mortgage them all to some bank for several million dollars, and walk away... The bank bundles them into a 'derivative' and it walks away. When the crap finally hit the fan, taxpayers bailed everyone out, while the people who managed this decades long scam pocketed $Trillions.
Then the government started even more magic: Quantitative Easing. Which literally means creating money out of thin air. You put a $100 bill on a copy machine and let it run and run and run, and call the copies money too.
We are STILL not seeing the full effect of that disaster but it is looming.
We do see food and grocery bills being over double what they were when Odumbass became president (who took over the title as THE worst president ever), but there is no daily reporting of the ‘consumer price index’ as there usually is when a Republican is President and things are going really bad.
Hillary (and the Democrats) try to ascribe the financial crisis that happened in 2007-8 to Republican economic policies, but at best, the events that led up to the meltdown were shared. At worst, you could say that Democrats were primarily responsible for policies that led to bad loans.
Some Democrats say that one reason the financial crisis happened was because there wasn't enough regulation. I disagree. The rating agencies Moody's and Standard & Poor's--neither of them really knew what was happening. They counted on the financial institutions to properly vet their borrowers. A legislative solution, even a regulatory one, certainly would not and could not have helped.