In my opinion, this is the perfect example of why partisan politics is so destructive ...
Realistically, if you traced the problems in the housing market back to their root you would see the fingerprints of every president, senate and congress for the past 50 years. They're all guilty of making mistakes or failing to take action to prevent the market from getting into the position that it is in. Even the most anti-Bush Democrat should also be able to acknowlege that some of the acts of Bill Clinton at least contributed towards the mess we are currently in.
The office of the President of the United States of America is a very powerful position, but (even with two terms) a President does not have the power to cause a mess like this. With this in mind, in the time of a crisis when it is important that you act carefully, you have an idiot like Nancy Pelosi make an amazingly partisan speech which risked pushing the ecconomy past the brink of collapse.