Eventually it doesn't matter who caused it, does it?
Arriving at the correct answer to the above question does not necessarily lead to the correct solution to the problem.
The correct answer to what caused the mess is deficit spending, and if that is correct then the who is both republicans and Democrats, i.e., Congress.
The correct solution is to raise taxes on gasoline, use the revenue to pay down the national debt, lower the "user fees" that became popular with local governments and are now blocking lower cost producers,
The solution to the housing crisis is to let the banks suffer the penalties of their bad loan underwriting. And ruin the credit of homeowners caught not paying as agreed.
That sounds good on paper but, from what I read about Las Vegas that will mean that a minimum of 100,000 folks who had foreclosure flilngs in 2008 and the 15,000 Bankruptcies will be pretty much barred from contributing to the economy for the next 5 years or so as they straighten out their finances. And that doesn't include the folks who are "just" behind on the credit cards and rent and car payments [another Nevada per capita record]. So all that dust that is gathering around the glitter is going to stay a while longer than expected as more businesses close as more people are not able to contribute to the economy.
And that glut in the housing market that Vegas has will just keep getting bigger and housing values will keep depressing for everyone, including those who do pay their bills.
But don't worry, when those values go down, and the tax assessor sees a reduction in tax revenue from property taxes they will just raise the rate to insure the schools and fire department and police and sewer still are functioning.
So let's just let it crash. Vegas is a gambling kinda town. I'm betting that if you just let that housing thing go and let the homeowner learn their lesson it might just come up snake eyes.