The only way to get out of the large debt that the United States owes, is to have a disorganized default and completely collapsed. The New York Stock Exchange needs to go bankrupt. And all derivatives debts need to be wiped off the slate. There are over four hundred trillion dollars in toxic assets still floating on the global market.
I have heard the argument before. Let the bottom fall out completely, and start over. In theory, maybe it makes sense. The bailout allowed banks to avoid suffering the worst they could have during the recession. Some people feel they didn't learn their lesson. However, another start market crash would lead to more panic, more decreases in spending, and another devastating slow down of the economy.