Yeessss!!! Obama!!! EVERYTHING was just perfect before he got elected!! There was no unemployment the real eatate market was stronger than ever, there was no foreclosures, no banks failing, stock mRket had not fallen on their butts..... OH! WAIT!! That was under BUSH!!!!.....but! To really answer your question it was neither Bush nor Obama. The banks started lending mortgage money to people that could not really afford the payments. How? The banks got creative and stated offering half a million dollars ( an example) to people that could really only afford 30k. They did this by offering hybrid loans. They will offer interests only loans for the first 2 or 3 years. Those payments were only a fraction of what the real payment should have been. EVERYONE qualified for a loan!!! Real estate market EXPLODED! Houses that cost 110k now sold for 300k because the demand for houses were so huge. Little problem brewing though....3 years later, your 1000k payment is now 25k payment! People couldnt keep up with payments, forclosures started happening like there was no tomorrow, lenders are losing thousands of dollars a day! Stock market crashed, everyone got scared to death... Investor lost millions, business closed, lending market froze... Etc, etc, etc.... So there u have it. It took several years to happen. It became a global scare. It will take years to b fixed!!! Not obama, romny, bush or ANYONE else will be able to fix it in a couple of years.