This thing started right as he made all his threats of ruinous taxation against business and the professional classes.
It's all Obama's fault!
Continue drinking your koolaid. This catastrophe began years ago as this administration and its appointees continued the low interest rate, give away mortgage philosophy of the collectivists in the democrat party to those who could not possible pay off those mortgages to get votes just as the dems have done for generations. Bush and party just joined in the fun to secure the votes of the poor and the illegals because they believed there would be no consequences, at least until they were out of office.
They ignored every precept of classical economics which we believed they would defend. I sure do not defend the democrats, we all know that when the people elect those socialists what the result will likely be, but we elected what purported to be conservatives and they have stabbed us in the back.