And the Federal Reserve was able to remove this liquidity almost immediately, within weeks of the crash. The resolution of, and recovery from, a financial crisis require a restoration of the balance sheets of financial and nonfinancial firms.
The second qualification is that Basel standards are intended for, and tailored to, large, complex, and internationally active financial institutions. As a result, the rules themselves have become large and extremely complex, and Basel III is certainly no exception here. Appropriate as they are for the global players, the rules tend to overburden small institutions.