We don't learn, do we?

It should come as no surprise that the delinquency rate on mortgages is climbing and foreclosures are a'popping. Too many people stretched themselves thin buying houses they couldn't afford or speculating by flipping condos. Now the piper has come calling.
We only have ourselves to blame. We're like lemmings when it comes to financial matters, following the boom without analyzing the consequences. The mortgage industry isn't off the hook either. I have a relative who worked as a broker during the peak of the market and he was closing deals for people who had no proof of income or dubious credit records. They should've never been approved.
I wonder: Do the rest of us who play it safe and pay our mortgages religiously end up subsidizing the others?