I agree with this, but would change it to "too late." I wrote a book, The Panic of '06, almost 20 years ago. It was '06 plus or minus 2 years, so I was on the money. After the Panic, we were supposed to put our house in order, but we bailed out the fat cats instead and ignored the bankruptcy laws which would at least have trimmed the fat in the auto makers. Alas, it's the bane of all democracies.