As a leader in world economics, the US set a lax standard of control which everyone else eventually replicated in one form or another.
Not everyone. Thanks to stricter regulation, we haven't had a single bank go under. Non bank lenders have had difficulty in obtaining credit due to the credit squeeze. The government's response to that has been to make about $10 billion credit available to them, for investment in triple A rated mortgages, but there hasn't been any handout or government purchase of "toxic debt" in order to make financial institution's balance sheets look better. Our major banks are have taken a hit, but they're well capitalised and not in any danger of going under. Our country has also got zero debt. Australia is going to experience an economic slowdown, as will everyone else. But we're not going to experience anything like the pain that the US will thanks to the clowns in government and business that dug you into this hole.