Lots of chatter, invariably people feel obligated to say someone needs to do something. This, to me, is not correct. But you could start by rescinding the current government programs to encourage home ownership by allowing 3% down with bad credit. On Bloggingheads, Jane Hamsher blames the current crisis on the absence of regulation on swaps, which I find absurd (the real cause is the unprecedented losses on the collateral, not the derivatives based on that collateral). Stiglitz simply wants 'more regulation', and also blames Basel II (as if Basel I would have changed anything, he just hates the word 'market' in any regulation). The SEC is blaming short sellers. Lots of politicians are aiming solutions at the home owners, who bought houses they can't afford, and have nothing to lose (it's the lender's loss). Some blame hubris, or 'taking risks they don't understand', but without the benefit of hindsight, this is rather unhelpful, because no one intends to act with hubris, or take risks they don't understand.
In this scenario, the less done the better. At least the bailouts this time are wiping out equity owners, something not done previously.