I'm a no. They didn't learn their lesson in the 80's when this exact same thing happened, and if they get bailed out this time, they won't learn their lesson, again.
Bad and irresponsible decisions should have adverse consequences. If we remove those consequences, there is no reason to make responsible decisions over irresponsible ones. You can't have capitalism on the way up, and socialism on the way down.
For an enlightening article from the NY Times(Yes, the NY Times actually wrote something worth reading), check out this article from Sept 1999.
I won't quote any part of the article, but it is very enlightening...