Some will ask "But why hasn't Obama corrected this and grown the economy and employement?" Well there are two reasons (1) the Republican opposition forces the Democrats to have a "super-majority" to get any meaningful legislation passed and (2) Obama is a centrist and not a traditional Democrat with concerns for the working class.
What I find amazing is that the media never discusses this "legacy" of the Bush years. They never pin a thing on him. During office he got a pass from criticism and now out of office he continues to get a pass. Meanwhile, Obama has to put up with a media that questions his birth certificate, that assures people he is a socialist and that he is a Muslim. Obama has to put up with a Congressman shouting "you lie!" during a State of the Union speech. He doesn't get a pass. Why?
The following video is a discussion of the economy & stock market by Barry Ritholtz, a solid guy. He says sensible things. This is worth looking at if you want to understand today in a broader context. This starts with the end of the first week of May sell-off in commodities:
At 8:20 into the video they talk about the jobs chart at the top of this post.