I have not seen such disconnect between the information provided by the media and what can be found out from other sources since I was watching TV news in communist Poland more than twenty years ago.
First of all, failures of financial systems happen often enough that by now there are empirical data that allow to evaluate different ways of resolving them. Government buying of bad assets consistently proves to be the one that is the least effective and the most costly to the taxpayers. There is no dichotomy “either bailout of economic disaster”. There are other alternatives that work better and don’t cost that much money from people who didn’t benefit from the profits of investment banks.