Insolvency is being transferred from the banking sector to the government sector.

Five Sundays To Nationalization
by Gary North

As a conservative, I grew up in the threat of socialism: the nationalization of the tools of production. What no one warned me was that this could be accomplished by way of a unique form of nationalization: the nationalization of insolvency.
We have lived through this process in 2008. The process will continue for several more years.
Insolvency is being transferred from the banking sector to the government sector. How much insolvency? So far in 2008, the government and the Federal Reserve System are on the hook for as much as an additional $7.7 trillion.....

This is a long column but shows clearly what has happened and which direction this government is going. It doesnt matter whether Republicans or Democrats had won the election because both give a free ride to whatever the Fed/Central bank does. Neither party understands how the fed was the great enabler for our economic maladies. The exception being Ron Paul.