The financial problems in the US began around 25 years ago. The major culprits are the Wall Street funds, the banks that loaned them money printed by the Fed, and the academic economists who concocted false models for the leveraging of bundled assets. The accounting changes made around 2000 also played a role. If Bush had paid attention and had vetoed the pork bills we would be in better shape. But BHO and the Dems will push us into a depression.
By the way even some prominent academic economists are attacking the theories of the Nobel winning macroeconomists.