You are right, AnnFan.
The real trouble started when Pelosi and Reid took over in 2007. At that point, the markets knew that the Bush tax cuts were doomed, and the economy started to slide. Then the ponzi scheme ushered in by Carter's Community Reinverstment Act (as enhanced by Clinton) that was the secondary mortgage market collapsed. Such a scheme can only be sustained in a period of growth because it requires a bigger, richer fool to be the next buyer.