This quote below from MSNBC pretty much sums it up:
Our greed, folly and ineptitude are to blame. So is a willful refusal to acknowledge that there is no free lunch and that what goes up must come down. We have officially ruined what it took us a hundred years to build: the credibility of Wall Street and dollar-centric commerce.
We have seen this before in the Savings and Loan crisis of the 80's and other booms and busts. But this is the mother of all examples of the incredible amount of greed. It is disgusting, especially when we read about the corporate execs from these companies getting millions in bonuses or golden parachutes. Sickening.