I agree that the banking industry is in desperate need of overhaul and should be subject to stringent regulation in future.
Of course, the stock view of the Limbaugh/Palin faction is as follows: The Banks were under government pressure to finance houses for the poor and indigent. Therefore, it wasn't the fault of the bank industry that these mortgages defaulted, it was the fault of liberal forces in the government and of the undeserving poor who got the loans. Therefore, the entire banking crisis can be laid at the door of TOO MUCH government interference.
I suppose the huge salaries and bonuses along with the embezzlement and fraud in the derivatives market was also the fault of the undeserving poor and do-gooder liberals as well. Again, the dyed-in-wool conservatives with their avowed admiration for personal responsibility are usually the last to own up to any.