During most of 2008-2009 Obama campaigned, and later governed, with the mantra that the sub-prime mortgage crisis, as well as the larger financial crisis, was all the Republicans’ fault. That was never true since the Bush administration in 2006 began warning of the problems that sub-prime lending would inevitably lead to, but were thwarted at every turn after Democrats gained control of Congress in 2006. Led by Barney Frank in the House and Christopher Dodd in the Senate, Democrats blocked several key pieces of legislation that would have softened if not prevented the then-impending financial crisis.
Obama’s favorite metaphor at the time was to accuse the Republicans of “running the car into the ditch.” Since then, Obama has done a pretty good job of running the entire country into a ditch. If a picture is still worth 1,000 words, this one seems highly appropriate: