The truth is that Republicans destroyed our US economy, and the rest of the world along with it, in their selfish & blind drive to let their campaign contributors have a free hand doing whatever they wanted in the marketplace. No regulations, no controls, no oversight is what they sought, and our financial collapse is what they got.
First off, this is NOT the truth.
I study political economy, and seek to put blame where blame is due.
Just to say it, i am NOT a fan of the Republican Party, in fact, i probably dislike them even more than the Democratic Party, and i think Bush II was the worst president in US history without question.
However, blame him for what he deserves blame for. Making the crisis worse? Sure. But, to say that "Republicans destroyed our US economy" is a complete inaccuracy.
Firstly, it was not a "political party" that destroyed the economy, it was a political-economic system. This system transcends party lines and administrations.
In recent decades, known as globalization or neo-liberalism, its center of power and control is not in a "party" - it controls the parties.
In the US, the center of its power rests in the Federal Reserve. This is the source of the crisis at hand today.
In the 1990s, the US economy switched away from productive wealth (as in, producing real goods, industry, manufacturing, etc) and became an economy based upon the financialization of markets - essentially, currency and financial speculation.
It was in this context that the dot-com bubble was built by the Federal Reserve (under Clinton btw). The Fed provided the liquidity and printed the money available for this. Because bubbles burst... it did!
To delay the inevitable fallacy of an economic system dependent upon financial speculation (money made on money - nothing is produced or created), the Fed (still under Clinton), decided to create a new bubble in the late 1990s. This was called the housing bubble.
The Bush regime continued this policy. This is because the Fed is NOT answerable to the American public, Congress, or government. It is, in fact, a private entity, profit oriented, printing currency and charging interest on the money it lends to government. It is owned by SHAREholders, in the form of its 12 regional Federal Reserve Banks, whose shares are held by the member banks represented on their boards of directors.
Go to the website of the New York Fed (the most powerful and influential of all Fed branches), and you will see the CEO of JP Morgan Chase sitting on the board, not appointed by government, but by the region's major banks, and who is there to represent their interests.
Again, like all bubbles... the housing bubble burst. And here we are.
Next, we have the debt bubble, also courtesy of the Fed, and also courtesy of countless administrations in the past, both Democratic and Republican, who sat by passively and allowed the Fed to do as it willed, and towed the line.
There is ONE party, the Money Party.
Blaming the "Republicans" as if they are some monolithic incantation of all that is wrong with America is misleading and delusional and will not allow progress.
A doctor must make a diagnosis before writing a prescription. Blaming the Republicans alone is like prescribing a band-aid for an amputated arm.