So who’s at fault for the economic crisis?

Honestly, I think both sides of the political spectrum have it wrong (one side blaming the other and ignoring the facts).  However, after watching this video, I do have to question the decisions of the Democrats back in 2004 to ignore the corruption going on at Freddie Mac.  The Republicans request to have more regulations imposed on Freddie Mac due to corruption, and the Democrats promptly claim the Repubs are nitpicking.

[Youtube removed the video.  D'oh.]
Democrats claim there is nothing wrong with Freddie Mac, 2004

No, I’m not a registered Republican.  I’m a registered Independent.  It’s crap like this that keeps me independent.  You see it on both sides — there is corruption in both parties.  I admit that I probably do lean more to a moderate-right stance on most topics, but both parties royally piss me off. How do the Democrats explain this, anyway?  You can read the Youtube comments, and there are still hard-core political left-wingers who defend this.  How can you defend this with an honest face?