The modern liberal narrative is that now that we have hope/change and racial equality symbol, we are destined to become Utopia.
Anything clashing with that is a surprise.
We are, of course, inheriting this recession from 1995:
(1) Bill Clinton's fast money policy: great at the time, total disaster starting in 2000 and continuing through now. Bush alleviated the worst of it as best he could.
(2) The dot-com bubble. Suddenly, all this phantom money occurred. Where did it go? We fall into the hole.
(3) Baby Boomers hitting their peak career earnings and spending jacked up the economy. 20 in 1968 means 50 in 1998.
(4) Bush DOJ leaning on lenders to make more minority loans, which then liberated other lenders to make riskier loans in general. Regulators set the tone.
Blaming this on Bush/911 is shortsighted. 911 kicked it off when everyone panicked, with the result being that our phantom value got uncovered.
The rest of the world felt a ripple effect, much like in 1929.