NO.
But unfortunately in politics as the sitting president when thing hit the fan he gets the immediate blame. Although 40 years from now it will be looked on differently with a longer term view on the various aspects that lead up to this including what you posted.
Isn’t the real question one of why didn’t the Republican “leadership” effectively counter the lies about the causation instead of letting the Democrats and their media cohorts constantly reiterate about the “failed policies of Bush?”
Bush got NCLB and prescription drug benefits. Bush vetoed only 12 bills in 8 years. (Reagan vetoed 8)
Bush pushed TARP 1. Bush pushed illegal alien amnesty TWICE!
Tell me honestly, how much do you think illegal immigration has cost us?
This collapse began before the election. Bush III (McCain) likely still would have won were it not for the collapse.
I'd put the blame more on Clinton who quintupled the M1 supply to artificially create the allusion of good times and keep the economy up to get reelected and of course to go out of office looking like the good guy and setting up Bush for the blame.