“Naked capitalism†explains what has happened, and observes that the Bush-Obama policies caused it, are causing it, and are likely to cause a lot more of it.
Government guarantees will be abused – and the broader the guarantees, and more chaotic the situation the more they will be abused. The solution is that existing guarantees must be reduced, and existing government initiatives curtailed or at least allowed to expire.  Extensive state intervention is extremely difficult to do right, easy to do badly, and the arrogant interventionists lack the necessary humility to do it right.