Maybe, but that's not what most people were arguing at the time. That style of argument is also nearly identical to how the Keynesians defended their failed predictions at the time. 

Undisciplined

libertarian

Bob Murphy's Tough Questions for Libertarians

I don't get why people say there was no inflation after 2008 - there was *MASSIVE* inflation *relative* to the *HUGE* amount of deflation we would have experienced had all that money not been printed to bail out the banks.

The amount of credit that would have been destroyed if the banks had failed would have made physical US dollars insanely valuable relative to all goods & services. Prudent people were robbed of that purchasing power.