So the solution was the fed pumped vast amounts of money into the system and looked the other way when finance companies were essentially insolvent. A lot of debt got restructured. One group did get punished, under water home buyers were locked in and either had to scrap up enough money to pay or go bankrupt and lose every cent invested.
Yep. Fed actually took over several large financial companies and government provided emergency fiscal stimulus to kick-start the stalled economy. As a result, the recession in the US was not as deep as it could have been.
Europe instead drank the Ayn Rand Koolaid wholesale and went with hard austerity, never mind stimuli. Results are obvious: http://www.tradingeconomics.co... At this point Greece should just exit the Eurozone and leave Germany to pick up the pieces.