That chart is complete fabrication. Regardless, you are asking about the recession that seems to have started in 08 (not 07 as you claim). Every economy goes through business cycles of up and down turns. The problem is that toward the end of '08, the consequences of bad policies that actually began back in the 70s under Carter were coming to fruition. The housing market bubble which culminated and burst at that time. But it wasn't Bush's policies that created that mess. Those policies started with the Community Reinvestment Act and expanded under Clinton with enforcement. Not to mention ACORN going to banks and blackmailing/extorting them to make loans to people who could not afford to take them. That is just a small part.