You're assuming the policy decisions of the executive branch of the US fed government was the reason for the disaster.
You're also assuming that the advice acted upon by the POTUS was based on the Chicago school.
For the former point, it leaves out FNM/FRE, housing speculation, easy credit by the fed, a weak dollar, increasing debt from foreign wars, the piss-poor rating agencies, the asset bubble driven by chinese liquidity, etc.
For the latter point, there were economic decisions made that do not align with that school of thought.
You're also assuming that the advice acted upon by the POTUS was based on the Chicago school.
For the former point, it leaves out FNM/FRE, housing speculation, easy credit by the fed, a weak dollar, increasing debt from foreign wars, the piss-poor rating agencies, the asset bubble driven by chinese liquidity, etc.
For the latter point, there were economic decisions made that do not align with that school of thought.
tl;dr -- Post hoc ergo propter hoc.