Haven't we learned from the past?

Apparently not. Going back in history:

The savings and loan crisis of the 1980s and 1990s (or S&L crisis) was the failure of 747 savings and loan associations (S&Ls).

The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts—which contributed to the large budget deficits of the early 1990s.

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–1991 economic recession:

Home State Savings Bank of Cincinnati
In March 1985, it came to public knowledge that the large Cincinnati, Ohio-based Home State Savings Bank was about to collapse.

Lincoln Savings and Loan
The Lincoln Savings led to the Keating Five political scandal, in which five U.S. senators were implicated in an influence-peddling scheme.

Silverado Savings and Loan
Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, son of then Vice President George H. W. Bush, was Director of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.

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And which political party dominated the presidency in the 1980-1990? You guess it. And now this is 2008. We have approximately $700 billion dollar bailout of failed financial institutions that is now inherited to the taxpayers excluding the cost of the taxpayers for the Iraq war and other financial debt passed on to taxpayers.