Right, so, what everyone "learned" is that you can leverage yourself to the gills, enjoy the fruits of debt-fueled asset appreciation on the way up, and when it

Right, so, what everyone "learned" is that you can leverage yourself to the gills, enjoy the fruits of debt-fueled asset appreciation on the way up, and when it all goes pear shaped the government will be able to step in and clean up the mess and get the whole cycle started again. The fiscal bailouts became necessary because the Fed had fired all of its monetary policy bullets and it had failed to arrest the collapse in confidence which was freezing credit markets. Like I said, the jury is still out. Maybe the next time will go just like 2008. Maybe there really will never be any price to pay for all this moral hazard that's being stuffed into the system.