"the government steps in, briefly nationalizes them, sells off the parts (the shareholders get nothing, of course), and life continues"

That's the solution I would have preferred in 2008, but the political system has shown it can't commit to that solution. You lose any support for that resolution plan from conservatives at "briefly nationalizes", because they're afraid any nationalization won't turn out to be brief at all. So nationalization is off the table, and we have to stumble through with bailouts.