The Financial crisis of 2007-8 is, for the republicans, a result of government involvement in housing finance.
The Financial crisis of 2007-8 is, along with the rise of Trump, reflective of the beginning of a twenty year historical stage within a 100 year cycle historian william strauss has called 'the turning' a 20 year stage reflecting cataclysmic change in which the old order is destroyed and replaced.
The Financial crisis of 2007-8 is due to a toxic combination of big government in bed with wall street, birthed by the permissive culture of the 1960s. Which itself was generated by a prior generation that, traumatized by the slaughter of world war ii, attempted to shield its children from the harsh realities of the world, producing their lax moral standards and self-centeredness.
The Financial crisis of 2007-8 is not the result of massive deregulation in the 1980s and 1990s but a result of big government and big business having gotten in bed together, and the establishments of both the democratic and republican parties became the 'party of davos'.