This has been a common mantra during the final stages of this election. At the risk of being verbose, it is time to set this record straight.
Lets look at a few factors that were instrumental in the economic meltdown:
1994 Clinton Administration: Clinton pushed for changes to the Community Reinvestment Act. These actions gave Congress the power to force banks to make high-risk loans (the link below contains the details):
1994 Obama (as ACORN Lawyer) was part of a suit against Citibank claiming that Citibank rejected loan applications of minority applicants; this was under the reformed Community Reinvestment Act.
1999 Clinton Administration: Repeal of Sections 20 and 32 of the Glass-Steagall Act (this allowed mortgage-backed securities to be sold as investment-grade instruments).
Throughout the late '90s and early 2000's, Senators Frank and Dodd held off Republican reform actions for the undocumented/sub prime mortgage industry. Without this reform, the cycle continued as follows:
1) Congress forced banks to make undocumented loans.
2) Groups like ACORN sued banks that did not comply with Congress.
3) The loans were packaged and sold as investment-grade instruments.
4) The cycle continued.
I am not arguing that the Republicans are completely innocent in the financial meltdown, my point is that you simply cannot state that the Republicans alone are responsible; conclude that if Gov. Romney is elected, we will repeat failed policies.