Both parties, their leaders, and the presidents were responsible for the melt down.
The American people's greed from bottom to top was responsible for the melt down.
The homeowner who got stuck in an underwater mortgage (which is where I'm at right now) is not to blame for this mess. Nor is the worker who got his job shipped to China because his corporation wanted to make a few more bucks.
If it is true, which I do believe, first, Americans greed from top to bottom, rooted in the false value of thinking people can receive worth in excess of an item's intrinsic assessment, was responsible for the Recession. Second is the stupidity those Americans held close to their heart with their cupidity that they would be exempt from paying the piper when the debt came due.
For those of us who saw as early as 2002 what was happening, immediately eliminated useless debt as quickly as possible, and waited. We have been buying in four states at proper prices and are making money hands over fist. We were not greedy. We prepared. We prosper. And are preparing for the economy of Europe to shatter, if that comes to pass. We are prepared.