Yes nothing was done since 2007 to prevent the fall, and that was the Democrats fault just as much as Bush's …. damn I don't know about you, but I just can't believe that with all the information our government gets monthly on such matters, that no one seen it coming. What is apparent is that if they did, they sure didn't take any action to stop, slow, or even attempt to make it less drastic then it ended up becoming.
Where you and I differ on things is where to place the blame, it belongs to both parties, we aren't 15 trillion dollars in debt because of Obama, or because of Bush, our government has consistently out spent what it has taken in for decades.
So while we made wholesale changes in 2006 and 2008 those changes were made because of the direction this country was moving in. People have seen that those changes have only increased those very same problems, thus you had the 2010 elections, and in My opinion you are going to see whole sale changes again in 2012.
One thing is sure, we have seen no fiscally conservative, in either party for a long time... but IMO we are moving in that direction, this recession has awoken the people of America, now that they have been awoken, politicians better take heed and do what is right, or expect their stay in office to be short.
While I will defend Bush from the far left, that can do no better then to blame him for everything they can think of to blame him for, I can't in all fairness blame Obama for everything this country is going through at this time either. Do I agree with his policies …. not at all.... has he improved anything … in my opinion no he hasn't, people agree and are sending him messages left and right, and he isn't listening. If he continues not to listen, they will send him one final message at the end of 2012. All that aside, we are were we are because both parties failed miserably.