There's no action that could stimulate the "recovery" that everyone is seeking, and it's pointless - cathartic perhaps, but pointless - to point the finger at any one or any party.  I agree that the best course of action would be to let it burn; stop trying to triage the dead.  It would be the economic equivalent of the Forest Service's 'let it burn' policy.  But, like the FS policy, the biggest obstacle to implementing that policy is the public's strong distaste for "inaction' in the face of a crisis, even if it's the right course of action. 

If anyone - Obama, Bush, Buffett... - said "my plan is let the weak fail and invest in whomever's left standing", there would be equally strong criticism of that tactic.  I see a lot of people complaining, and read/hear a lot of platitudes, but no one with any real substance behind their alternatives.