We need to allow the companies and people that made bad and/or irresponsible or outright fraudulent decisions
FAIL.
Bailing them out at the expense of those that play by the rules is setting a terrible precedent. No lessons will be learned from this mess except that if you fuck up bad enough the government will be there to fix things for you.
All these bailouts are doing nothing, but guaranteeing we see a depression.
The problems we are seeing now are all due to cheap and easy credit. When money and credit is too easy to get there is always malinvestment. People/companies invest in things they would otherwise never invest it. The governments of the world seem to believe, unless they have ulterior motives, that this problem can be solved by cheaper money and easier credit. This makes absolutely no sense at all.
The fact is FDR did the same kind of bailout crap in the 30s which prolonged the agony of the first Great Depression. Now are on course to make that depression look like a warm up compared to what is likely just around the corner...
On November 15th there is a big central bankers meeting. All the central bankers of the world are getting together to discuss how to solve this problem on a global level. Nothing good will come of this meeting...
Make as much money as you can and be a stingy bastard when it comes to spending it. If you don't have, in cash, enough money to support you for at least 3 months you are going to be fucked. Ideally it should be more like 6 months.