Did tax cuts cause the current crisis?
Obama sez yes:
"But as we've learned very clearly and conclusively over the last eight years," Obama said, "tax cuts alone can't solve all of our economic problems, especially tax cuts that are targeted to the wealthiest few Americans. We have tried that strategy time and time again, and it's only helped lead us to the crisis we face right now."
With all due respect, I don't think tax cuts had much to do with the housing boom (unless you mean things like the deductibility of mortgage interest and the elimination of capital gains on housing appreciation but those weren't Bush's). I don't think tax cuts gave us years of overly loose monetary policy. I don't think tax cuts caused the incredible decline in standards for getting a mortgage. I don't think tax cuts caused the failure of ratings agencies to recognize the risk in repackaged mortgages. In sum, I don't think tax cuts had anything to do with us getting to the crisis point where we currently sit.