The problem is world-wide. Don't give the American banks and politicians sole credit for the breakdown. Now China, Japan, the EU countries France, UK, Germany, etc., are all doling out money in their own stimulus plans.

In some ways, Little Hawk is correct about a giant pyramid scheme. That is the way the capitalist system has grown, by creating money and credit, and is responsible for the increase in population and goods ever since the Venetians (or push it back as far as you want), the Industrial Revolution movers and shakers, and all who created businesses and hired people, got the ball rolling.
(I think the grammar is lousy in the above paragraph, but understandable).

Whichever politician is blamed for contributing to the current situation, each of them only caused a local blip. The failing is universal.

Reform of the system is needed, but that will take several years, and cooperation on a global basis. The bailouts are beginning to look like band-aid solutions to a massive global collapse.
Tighten your belts!