An argument could be made that we might not even have had a collapse in the economy in Fall '08 if a GOP President had been elected.
I'm convinced that a major reason for the crash was the increased regulatory burden the banks saw coming as Obama gained steam. He was promising things like universal healthcare and cap and trade. With a faltering economy this, of course, was enough to cause major investors to sell the market and this produced a domino effect; the major casualty was the housing market because that's where most of the risk-capital was.
When things started to accelerate downward because of the prospect of a socialist taking office, the liberals piled on by blaming Bush. However, I think the real culprit was the significantly higher increase in Gov't spending which was approaching under Obama which, of course, would have to be paid for with higher taxes...big investors pulled out of investments in order to be ready for what was ahead.
I really don't think the '08 crash was inevitable...I believe it really was "Obama's fault".
You are Dreaming
The American Dream Downpayment Initiative (ADDI) was signed into law by President Bush on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually. Funds were appropriated for fiscal years 2004-2008. ADDI provided funds to all fifty states and to local participating jurisdictions that had a population of at least 150,000 or qualified for an allocation of at least $50,000 under the ADDI formula. ADDI is administered as a part of the HOME Investment Partnerships Program, a formula grant program.
Bush begs nation for bailout for Banks.
http://blogs.wsj.com/washwire/2008/09/24/speech-text-bush-addresses-the-nation-on-bailout/