Greenspan-Bernanke-Bush are responsible (also to a lesser extent Clinton and Geithner) unless you don't believe in personal responsibility)
Mr Baker makes an excellent point. $7 trillion of the projected $9 trillion deficit can be laid directly at Bush's feet. The problem is that Obama is listening to the same fools that Bush and Clinton listened to.
Meanwhile, the ultra rich that the US taxpayer just bailed out will continue to not hire and to collect their million dollar plus bonuses.