Can We Blame GOP For Economic Crisis? Two Views

FreedomDemocrats has an interesting and principled post called "Thank You Democrats And The Media. Check it out. Here's the main point:

". . . For reminding me why I'm a libertarian Democrat.

First, on the topic of the "Wall Street meltdown" I am completely and totally heartless and callous. I don't blame this on George W. Bush and the Republicans. I don't blame this on Bill Clinton and the 1990s. It's the entire system at fault and to lay the blame at any one individual is absurd and just political opportunism. I understand that I have a cancerous disdain for people who bought into the idea that housing values will always go up, and I'm similarly distrustful of the often parroted line that the stock market will always go up--a claim that isn't necessarily true over several decades (because we're all dead in the long run) for both the United States and most other countries."

Here's my reply:

"Although I share many of your sentiments, as a Democrat I do see the need to respond to the crisis in the following ways:
1) Sen. Obama, in his statement yesterday, used the phrase "common sense regulations". I believe that he should spell that out now, to show what direction he might take on such regulations.
2) I believe it more than fair to criticize the current administration on competence. Although I was against the war in Iraq, I didn't have any qualms about criticizing the competence of how it was run. Certainly Sec. Paulson can be at least questioned about his decisions.
3) If we're going to underwrite or guarantee any financial institutions, I believe that it needs to be spelled out. Now.
4) I don't like crises such as these, precisely because in the real world it often leads to the passing of ill-considered bills and regulations. So I'd like to hear more about systemic change. I certainly don't see the mortgage deduction being abandoned unless as part of a major overhaul of the tax code.
I might just be more partisan than you, but understand your concerns."