I think you have the date of the budget speech wrong: Pranab Mukherjee did not become Finance Minister till later so you probably mean February 2009. An interesting point is that if moral hazard is an inevitable effect of bailouts, which is the lesser evil: moral hazard among borrowers or among bankers? Should the US bailouts have been used to write down individual mortgage debt rather than recapitalise banks? I find this an intriguing question. The bailout of companies enabled the US to get its money back which might not have happened if borrowers had been bailed out; but the recession might have been less severe?