Nobody has been forced to pay $150,000 for having downloaded one song. The college students who have settled for several thousands of dollars got off easy, considering the music they made available online for others had been downloaded at least several thousand times.
When a certain member of Metallica talked of 'dubbing tapes' in his early days, he didn't mean 'I had over one thousand people come to my house and dub a copy of a CD title I purchased', which is the equivalent of what is happening on P2P. I remember those days.
You would let perhaps two other friends make copies of a few original CDs or cassettes, but little more because it was too much of a pain in the ass. One cassette took ~40 minutes to copy. On good decks with 2x dubbing it still took ~20 minutes. So if there were three friends, each having two new releases to share, it took all damned day for everyone to get what they wanted. It was a pain in the ass really.
And on no occassion did one permit total strangers to make copies, let alone thousands of them. It was limited exclusively to one's close-knit circle of friends. Few made once-removed copies because they began to sound worse than FM radio.
In retrospect, we were not any more 'honest' than today's teenagers. There were real barriers to mass sharing many times removed, so we couldn't do it. And because we couldn't do it, we bought more music than we shared. And because we bought more music than we shared, we learned to moderate our appetite for music to an equilibrium point with what we could afford (like everyone else on the planet WRT every other product on the planet).
We also learned that not being able to afford as many CDs as one's heart desires - thus not getting as many CDs as one's heart desires - doesn't kill anyone.