restore 'ESC .' to just plain last arg. with no deep history

[Dan Jacobson]

I sure wish there was some way to make "ESC ." just go back up the
last argument list from now and not from where we got to way back up
in the history list after a search.  I am _always_ just wanting to use
the last argument from the previous command, and _never_ for some
reason wanting to artificially restrict myself to arguments made
months ago.  You mentioned that it was changed long ago.  Ok, but for
oldtime's sake, is there anything I can do, as an individual user, to
restore this behaviour?

Bash Version: 2.05b

P.S. after I unsubscribed to the bash bugs list due to it being mostly
spam, sending mail there seems like a black hole.