The brewing economic storm

Looking at the economic mess that is unfolding in the US, isn't it pertinent for govt's all over the world to open public discussions on what is ailing free market capitalism policies and fix those issues?

I feel that world over people need to buckle down and CEO's who are getting paid astronomical salaries should take less of the pie and learn to live like the middle class. The middle class too should buckle up and not aim for luxurious standards of living. In fact tradtionally since middle class indians were into the savings mode, that is what should be encouraged. Easy access to credit is also ruining young indians who need to learn from what is currently happenning in the US. More investement in better public transportation, so that families who own more than 4 cars can reduce the mumbers should also be encouraged.
In a world of shrinking resources, the high standard of living that was seen in the USA for the last 50-60 years is just not sustainable. India should learn lessons and take a clue and not go about blindly aping all that comes out of the west!

Here are some links to some expert views on this topic;
http://www.bloomberg.com/apps/news?pid=20601103&sid=a5_ShyKnHFBI&refer=news