Greenspan is the poster boy and enabler of this thing. Way back in June 2005 I registered http://AlansBubble.com to memorialize him. Sadly, but not surprisingly, this same "bubble ==> crash ==> bailout" will happen again in the not too distant future, except it will be bigger.
What can be done? Here are some ideas from Nassim Nicholas Taleb: "Ten Principles for a Black Swan-proof World": http://chrisco.wordpress.com/2009/06/10/ten-principles-for-a... (see also the Nouriel Roubini links there)