I'm still mystified that threads like this are in the regular "Off-Topic" category while "What's your favorite ice cream flavor" is in the "Debate" category
I wish people would post in the appropriate areas...
But I digress...
I would be more in favor of letting President Obama have a second term if I felt that the principles he espouses would set the country in the right direction. After all, it wasn't until Regan's 2nd term that his economic policies finally turned around the disastrous state that Carter had left him with. However when Obama's ideas would just fan the flame of too much government spending and intrusion, he would not be helping our country only making it worse. Therefore I hope he doesn't get another term.
Besides, you have to look at the whole picture to understand what lead the country into this mess. Not everything is Bush's fault. One of the largest problems our economy had was the mortgage crisis that had it's beginnings as far back as the Carter administration. During his administration, he signed this act into law in order to stop the banking practice of "red-lining" in which banks would essentially draw a red line around low-income neighborhoods and would discriminate against providing loans to anyone living in that red-lined area without regard to the applicant's own credit risk.
This act opened the doors for community organizers, like ACORN, to begin targeting lending institutions for alleged racial discrimination, and bring bankers to court, either legally challenging them or in the court of public opinion by making demonstrations and reporting to the local news services of this "racial discrimination". They even provided some studies as evidence which showed how black and Hispanic applications were denied more often than white applicants. However those studies failed to consider the rates of credit-defaults for each group, which later studies of the same records showed that the default rate among the minority groups was higher (and thus the declining of mortgage applications was based on the credit-rating of the applicants instead of the race of the individual).
Also later administrations (esp the Clinton administration) began having Freddie and Fannie Mac buy up more of these mortgages from low to middle income groups using government back securities in order to provide more liquidity in the housing market for these groups. They even allowed these groups to buy sub-prime mortgages, those mortgages given to individuals with a poorer credit rating than banks normally would have allowed. With the threat of being labeled as racially discriminating against applicants and being held legally responsible as well as with the assurance that Freddie and Fannie would buy these bad loans from them if they made them, lenders began making more and more of these risky, sub-prime mortgages. It also didn't help that the liquidity that this practice had lead to more and more people becoming home-owners. By the laws of supply and demand, if demand outpaces supply, the price for the good will increase; since home-ownership demand was increasing at such a rapid rate, housing prices began to hike up above value (ie the price of purchasing a house was actually higher than the material / labor costs to build a house from scratch) thus initiating a housing-price bubble. The risky adjustable rate loans were then offered to the sub-prime applicants, and were explained that because housing prices were continually rising, by the time the lower initial interest rate would jack up to a high rate, the borrower could refinance their house with a fixed-rate mortgage and wouldn't be stuck with the higher rate.
However as with other economic bubbles, the housing-bubble eventually collapsed. This was probably precipitated by other economic problems (the bursting of the tech. bubble, wars in Iraq and Afghanistan, etc.), which caused fewer people buying the higher-priced homes resulting in a plateauing effect (and even declining) of prices, making borrowers with ARMs unable to refinance a mortgage that was worth more than the price of the asset, and getting stuck under the high interest rate. Once these higher rates hit, these sub-prime borrowers were unable to meet their obligations and so defaulted on their mortgages, which even more dampened the housing market. All this finally resulted in Bush signing the TARP agreement to allow the government to buy up some of these sub-prime loans to help ease the number of foreclosures.
To claim that the mortgage crisis is "Bush's fault" is like blaming the waiter for getting food poisoning without taking a look at the involvement of the chef, food distributors, and farmers that provided the tainted food.