They acted quickly and avoided a worst-case outcome. As such it was effective. However, arguably the bank bailouts could have had much better terms for the tax

They acted quickly and avoided a worst-case outcome. As such it was effective. However, arguably the bank bailouts could have had much better terms for the taxpayer - most of the upside was realised by bank shareholders who were not wiped out, rather than the taxpayer who bore the risk. For comparison, Warren Buffet also recapitalised some banks in the depth of the crisis, demanded and got long-term warrants that paid out truly humongous amounts of money once bank shares rose back to pre-crisis levels. Tax payers - in comparison - got a few percent of interest rather than adequate compensation for the risk they bore.