Second Rebuttal: The financial crisis was caused by the housing bubble, which was fueled by government pressure on banks to lend to the less creditworthy. No president was more responsible for the housing bubble than Bill Clinton. Investor's Business Daily calls Clinton "the architect of the financial crisis," and likened him to a "housing arsonist" now trying to pass himself off as a "heroic firefighter." Obama likes to blame the financial crisis on deregulation. But the deregulation legislation in question was signed into law by Clinton, who also refused to regulate the complex financial instruments that helped transform the housing crisis into a financial crisis.