I can't account for the failure of the Liberal government in 2005. What I can say is that in 2006 we were faced with dramatically different circumstances. Quite frankly, we could have chosen not to act and we could have waited. Where would we be today, at the end of January 2007? Where would we be three months from now? What kind of economy would we be leaving our children? Is that the kind of economy, the kind of country we want to have? The answer to all of that is no.
Was it politically a good idea? Probably not. There's the fallout you're describing, but sometimes you have to do the right thing.