You know, this is truly a prophetically brilliant piece.

Unfortunately, I also found a bit of racism in it that made me wince while watching it. What was the point of using a young 'black' man in the example? Was it to imply that the mortgage industry was so stupid that it even lent money to a black man because all black men should never expect to get a loan in the first place? As a result of this example, I chose not to post this insightful explanation/satire of our present economic situation.

It's too bad really--because without that touch of racism, the comics really hit our mess head on.

Bush did. Even Clinton did before him.

BILL CLINTON:

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

Sept. 10, 2003: Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . .

And lots more. The fact is, that Bush tried to regulate the industry in 2003, and McCain in 2005. And they took political hits for it, oppressing the poor by attempting to prevent them from owning their own homes.

"September 25, 2003: Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing."

So don't blame Bush on this one - he tried to remove the risks. He was prevented by a 9% approval rating congress - one composed of both Republicans and Democrats.

All this is a matter of public record.