First of all, I'm sick and tired of everyone calling this a crises. It's not a crises. Sure it's bad, but it's not a crises and it annoys me when people use the wrong words for things. Crises' are when there's 1) a serious problem 2) that has a short amount of time to be dealt with 3) was unexpected and 4) requries the attention of the highest levels of government. This has 1 and 4 but not 2 and 3 (well, it was unexpected to us, but shouldn't have been to the experts--hell one fund manager guy predicted it and got out while the getting was good). But that's all mostly irrelevant.
Secondly, Dionysis sums it up pretty good for me. This is a problem with the economic system we have due to the confluene of 1) a FIAT currency and 2) Free market ideology in highly leveraged equity market buzzwords
I didn't mean to say that it hasn't been developing for a long time, but more that blaming either Bush or the Dem's of the past 5 years doesn't cut it. Like you said, both sides take blame.
What is really the problem is the long term conservative trend of free markets no matter what when COMBINED with the Federal Reserve Act. Having multi-trillion dollar deficiets is just a natural occurenc when you ge the two together.
Personally, I don't like either. But I would like to point out, that the biggest problem, is the Federal Reserve Act, signed into law by Woodrow Wilson, a Democrat. If you want to blame someone, blame him. He sure as hell blamed himself.
Hope that clears it up, I most certainly don't side with the democratic ideologues. Also, dragonfilet is right, unless you believe that the government should be able to bust contracts, then those bonuses were perfectly legal. I'm not sure what I think either way on that one.