Banks are paying for their mistakes but not at personal cost and they still managed to give themselves million dollar bonuses with taxpayers' money, people are paying even more and at a far more personal cost. You might as well tell people to study banking, economics and finance before applying for a loan. people are naive and banks took advantage of this.
In Canada, we have laws to protect against such exploitation. We know that people don't know as much about medicine as doctors do. We know that people don't know as much about finance as banks do, we know that the average guy next door doesn't know as much about math as einstein or that I don't know as much about law as the lawyer who handled my divorce case. There's a reason we trust professionals. And there's a reason laws are put in place to protect the people against professionals who are not behaving professionally or ethically.
But hey, if you're fine with how things are in the US, and think it's all the people's fault for not being as knowledgeable as bankers, then whatever makes you happy.
I like that kind of laws and USA should set up similiar ones. Also I would love to add the cap to the CEO salaries like Europe had done.