And isn't that perfectly logical?
If that had been applied all along, as it should have been, all along this could not have happened. Greed, from the bottom to the top of the chain, and the frankly stupid type of lending and borrowing that fed it drove the boom to its inevitable conclusion. Now the banks and the borrowers are screaming to be bailed out. That won't help much in the long term either, it's like paying off a teenagers maxed out cards - they'll just go off and max them out again if there's no pain.