Where does the blame for the housing collapse really belong?

When the red team blames the average citizen for the collapsing economy then we know that the red team is truly sick.
I recently took it upon myself to watch a speech that was given by Rush Limbaugh at a conservative gathering. I felt like I wanted to beat the snot out of him, by the time he was finished speaking.
How dare he put all of the blame of the collapsing economy on the lower middle class, which he calls poor.
These people, Mr. Limbaugh, would not have gotten those loans if the lenders would not have been able to lend out the money to people, who they knew would have a hard time paying it back.
It is a known fact that the deregulation's of the banking system were finalized during the time in which the Bush administration was in office. It then caused a conflict of interest within the banking industry, which then led to predatory lending practices. The lenders told their lending officers to push subprime loans, which was a trickier type of loan that was made to look like a good deal to the people, who never thought that they could own their own home.
The point of this blog is that people like Rush Limbaugh need to do a lot more research before they should be aloud to talk either on the radio, or in front of a room full of conservatives, on live television.
In conclusion, I believe that the Republican Party will fail if they don't get a handle on who they allow to speak on their behalf. Whether it be, Rush Limbaugh, Joe the non-plumber, or their newest media speaker, who is only 13 and not old enough to vote. Honestly, I am starting to feel sorry for the conservatives, who almost seemed like they had some of their wits about them, before these people started making them look like a laughing stock, and therefore, have all but lost their ability to appear legitimate to non- republicans. Oh, and let's not forget the unpopularity of the Bush Administration, which did a thorough job of destroying any credibility of the Republican Party. That alone seems to be the reason why the Republican Party is grasping for straws, so to speak, when it comes to trying to win back support of those republicans, who decided to change parties, because they were fed up with the direction that their party was heading.
My hope is that the conservative party will make adjustments, and to not be afraid to listen to someone's opinion without taking offense from it, but instead to listen, and to possibly learn something new.
The video that I chose for this blog is a response from a republican to Rush Limbaugh's speech, in which, he was obviously forced into giving an apology shortly after this segment was seen on television. Sad but true.