I think someone lied, and I am not sure if anyone is going to know the truth. The banks probably lied about why they needed it and the choices that lead to the failure. I dont think the government told Americans everything, I just believe that this was one big cluster of problems.
People will always blame the government. Often it deserves the blame, however in this they do not, at least about such a thing as lies. While the actual bailout itself is questionable for other reasons, their is no facts or even inferences that would imply a lie from either the government or the banks.
It's pretty easy (and often justified) to point the finger at our federal government, but not in this case. The banks are who tried to put one over on everybody. As many lawsuits since the bailout have shown, banks aren't exactly shining lights of ethics themselves. The government is not to blame for this one.
As we all know, the government isn't always the most truthful of entities in the world. However, I believe they did not lie to Americans about the bank bailout. Rather, I believe the banks lied to Americans. The government tried to save organizations that took advantage of the government and finances being handed to them.