Don, much like a modern communist will tell you that the Soviets and Maoists just didn't do communism the right way, the Tom Friedman/Republican conservatives will plead with us that the Republican Party simply didn't do deregulation and privatization the right way.
This is something communists, american conservatives, and libertarians share in common. No one ever seems capable of implementing their policies in exactly the right way. So their ideology forever remains some theoretical exercise printed on cappaccino-stained piece of paper. There's never a real world example demonstrating how it would work. So, for some reason, when the "free market" crash every time we go through one of these deregulation frenzies (1929, 1987, 2008), it was because the republican administration and their enablers simply didn't do it the right way.
But, we're past all that now. Everyone from Bush, to McCain, to Henry Paulson, to Alan Greenspan are overnight converts to strong government intervention and oversight of interstate commerce. The question is, what kind of socialists are we going to become? I think righwing chimpanzess see this as an opportunity (as Naomi Klein would rightly argue) to use public resources and money to bail out their friends - the corporate overlords who engineered this disaster in an environment of lax regulatory oversight. Basically, to privatize profit, and socialize loss. That's the new rightwing socialism. Then there are those of us who say, hell if we're going to be socialists anyway, let's do the Scandinavian style of socialism. Somehow, I think the American people could stomach free daycare for children, more than golden parachutes for a few dozen Wall Street tycoons. Call me crazy, but I think that's right. Off in the corner, on the other hand, you still have some extreme rightwingers fretting that we should get government and regulations even more out of the way, and the magic of the free markets will be unleashed.
I think the moral of the story is that, yes folks, bad shit even happens to rich folks. Much like Reagan's S&L bailout and today, we generally take care of our rich folks when tough times confront them. Why else vote Republican? God forbid we could ever find a trillion dollars to help working folks with health insurance, college education, and day care though!