Idiotic incentives created by the government?
Precisely why more free markets, and less moral hazard are good things.
What have bankers learned? They have learned that they can be reckless, and take on unlimited risk. More risk, if it play out, means more reward. However if it fails, the government has assured them that they will be bailed out. Government reaction to this whole episode virtually guarantees another disaster.
In a genuine free market, the very real risk of failure, the equivalent of the death penalty for business, would prevent excessive risk taking.