John Snow said it all in 2004

I know that Barack Obama blames the Bush Administration for the failures of our credit markets. However, you need only to do a few Google searches to know otherwise. Here's a quote from Bush's Secretary of the Treasury, John Snow, speaking for the Administration in 2004:

"We don't believe in a 'too big to fail' doctrine,but the reality is that the market treats the paper as if the government is backing it. We strongly resist that notion. You know there is that perception. And it's not a healthy perception and we need to disabuse people of that perception. Investments in Fannie and Freddie are uninsured investments...GSE reform is pending before the Congress right now ... it's a critical time, legislatively..." (See Full Story on John Snow's Comments)

Lest there be any doubt how Barack Obama and the Democrats fit into this whole mess, I suggest you read this article (click to see story as popup window).