If those banks weren't absurdly leveraged, the housing bubble would have just been another recession. And now we've gone from a situation where the banks were

If those banks weren't absurdly leveraged, the housing bubble would have just been another recession. And now we've gone from a situation where the banks were absurdly leveraged to a situation where the government is absurdly leveraged, most likely resulting in massive inflation unless a miracle happens. I can't really see how the public sector is doing any better than the private sector here. Nobody seems willing to exercise prudence anymore.