This information has been posted many times, including transcripts from hearings as people like Barney Frank, currently leading the House Finance Committee, fought like hell to keep government support of bad credit from being reined in. Implied government underwriting of the mortgage industry and the vaporous paper it generated was the order of the day.

But the meme is that George W. Bush personally deregulated the entire financial industry while people like Frank and the Democrats were desperately trying to make new rules regulating the mortgage industry. Any other uncomfortable facts, including a complete lack of any attempt by Democrats to ever create such regulations prior to the subprime meltdown, are crimethink.