This is all true. The last year of Bush's presidency into Obama's first year was crazy bad. We were bleeding jobs at 800,000 per month, and the financial system was in tatters. Steps that Obama took did help turn it around.
Lots of things went into that financial meltdown, and both Republicans and Democrats and their policies were to blame.
Two big ones:
Democrat side - Bill Clinton's push to get banks to loan more money to people who shouldn't have been loaned money to.
Republican side - Too much deregulation on the financial side of things.
And then we also had:
Banks who were engaging in very suspect lending practices, even beyond laws enacted under Clinton.
Greedy individuals who took out ARMs and pay only interest loans on properties they could really not afford in hopes that those homes would continue to go up up up in price.
Summary: Both major Parties had a hand in the financial crisis. Republicans fared worse overall (by a little, not a lot), and Obama DID help pull us out of that mess (with some bipartisan support actually).