Personally I've never bought the argument, by either party, that they are responsible for the good time and the other guys are responsible for the bad times. I think the economy is mostly separate from political effects.
But you are right, the public does blame which ever party has the White House during a slow down or crash in the economy. Just look at Hoover, Carter and Bush Sr.
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We few, we happy few, we band of brothers;
For he to-day that sheds his blood with me
Shall be my brother
Sisu
-Karnak