Why did the Democrats ignore the looming crisis

They were paid to look the other way.

"But Democrats themselves have close ties to the financial industry, as well as to the mortgage industry. Indeed, figures from the nonpartisan Center for Responsive Politics indicate that more than half the campaign contributions that the securities and investment industry has made in the past two years have gone to Democrats -- more than $61 million.

Similarly, when Democrats took control of Congress after the 2006 midterm elections, the securities and investment industry also gave just over half its contributions to Democrats -- more than $36 million."

Obama is number two on the list who got money from Fannie Mae and Freddie Mac, the two companies at the heart of the world's worst financial crisis.