Foreclose on Oversight

Last week's congressional hearings about the Housing market's current blunderous crash n' burn turned into a pity party for all of those financially over-extended, poor contract signing, homeowners who can no longer afford their sub-prime mortgages and the companies that housed them. Bear Sterns being the headline "victim" of the crash. Now people are crying for more government oversight of the market to prevent things like this from happening again. Which is like hiring Kenneth Lay to run your business in my opinion. When was the last time you saw the government show any kind of fiscal responsibility in any market? It's working out really well for LA county's public school system. Billions of dollars a year and the test scores get worse and worse.
I'm thinking, let's keep the government out of this. People that make poor decisions, like buying a $750,000 home with no money down on a 10 year adjustable, shouldn't be bailed out because they can no longer afford the payments. They should have to pack it up and move into a crummy apartment and spend the next few years thinking about the choices they make. Trust me, they'll become much wiser in future financial endeavors.