“It is largely a myth that unregulated financial capitalism failed and new regulation is needed. Aside from health care, financial services is the most heavily regulated industry in the economy. No part of it completely escaped regulation and most parts were heavily regulated, typically withmultiple government agencies overseeing the activities of financial services firms.” Read more.

“Money and the Present Crisis”
Gerald P. O’Driscoll
Chapter 13, Cato Journal, Vol. 29, No. 1, Winter 2009.
Via the Cato Institute.