We are bailing banks that over leveraged themselves to make a fortune in a short time. They risked the viability of the banks to get short term phony profits that would get them huge salaries and bonuses. I believe these guys knew the risks. They are financial experts after all. Now we argue about how much we should pay them to fix the system.
Fannie and Freddie already have been dealt with. The banks are a much bigger and more dangerous to deal with.