What happens if a second wave of foreclosures and big company failures start along with new credit crisis?

The premise of your question is wrong. It is not if a second wave happens, it is when. This time, let the crap businesses crash. If we would have done it the last time, it would have sucked worse right off the bat, but we would be well on our way to a true recovery without a bunch of chit companies doing the same thing over and over again.