The loans didn't cost nothing, and capital requirements were raised massively which severely dragged on the profitability of US banks. You can see this because European banks didn't face the same requirements and now after a period of making hay are looking very shaky, particular Credit Suisse.

In fact, a loan on generous terms which causes the broader market to judge your entire industry as explicitly backstopped by the government, and thus lend you money at lower rates of interest than you would otherwise pay, is a gift that keeps on giving.