We need a) education and b) a return to an era of personal responsibility. Education is needed to teach people the fundamentals of capitalism, economics, and personal finance. Personal responsibility so that those who make poor, risky choices need to face consequences from their decisions when things don't go well (of course they get to keep the rewards when things turn in their favor).
Why do those who took on safe mortgages have to bail out those who took out risky mortgages? Why must we turn to the government every time life gets a little inconvenient? Yet another waste of taxpayer money, another incentive for people to do stupid things, and another punishment for those who are responsible. No wonder Carl Sagan said we are a backwards society.
There's a reason its called a "correction"... something needs correcting! Sigh.