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Those who put 100% of the blame on Bush and the Republicans, and those who put 100% of the blame on Frank/Dodd are plain wrong - it's a shared blame...
Personally I'd put it at about 60/40 (may 70/30) BushRepublican/FrankDodd as far as blame goes...
Bush owns the lion's share because of his deregulation mantra... and because he had Congress backing him - and although Democrats in the Senate could fillibuster - he could have made an effort to compromise with them - rather than pontificate over bills he knew had no chance of passage.
FrankDodd own a good portion due to their ties to Freddie/Fannie, which influenced their decisions...