Actually the blame for the housing crash was ultimately the Clinton administration's deregulation in regards banks to lending money. It happened on Bush's watch so of course he got the blame for it.
Republicans pushed and lobbied for it though, Clinton was a pretty right leaning Democrat in office which is part of why he toes the lines of both parties so well. It's one of the reasons I liked Clinton. Blaming it on all Clinton while ignoring where he was taking his cues from is silly. Many Republican principles in regards to how we pursue capitalism are outmoded and need to be revisited. The old models do not work, we can't keep treating people like numbers alone and using money as the end all motivator for society because it doesn't work.
Look at the UK under Thatcher when they tried the same thing. They even modeled all government agencies as a market and tried financial incentives, it doesn't work. People game the system for their own means.