Time for a law change then.
In the UK they are even liable to replace faulty goods paid for using their cards!!
I think the point Kyanar is making is still valid. It doesn't matter whether it is the merchant, the card issuer, the payment processor, or Visa/Mastercard that is liable. One way or another the cost of liability is factored into their costs, and it comes from you. You don't have to pay for the $5000 TV someone charged to your Visa. You pay interest, annual fees, credit card surcharges, whatever -- some amount of those is effectively your portion of the overall fraud bill.
The ultimate liability correctly belongs with the merchant as they have the ability to scrutinise the card presented, and decline to charge it if anything is fishy. If they don't do that, and the charge is fraudulent, then it is their fault.
On the other hand the big boys - payment clearing houses, issuers, Visa/Mastercard - see the big flows of cash and are in a much better position to detect suspicious activities overall. That's why they automatically block cards acting suspiciously, but the merchant covers the fraudulent charge.