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Although lending practices were certainly a factor, nothing could have happened without monetary policy. Easy credit and artificially low interests are mainly to blame for the housing bubble. Without the money, there wouldn't have been anything to finance all the speculation and malinvestment.
So, then, let's put the blame where it belongs - In the Clinton administration, which signed the Gramm-Bliley Act. This is what started the nation down the road to financial crisis. All Bush did was run with the ball, as Obama is doing now. Of course, it was a Republican who came up with the bill, but a Democrat also co-sponsored it, it was passed with the help of both Democrats and Republicans, and signed by a Democrat. There is plenty of blame to go around in both parties.