I do not pretend to understand the ins and outs of big banks and derivatives and what not. My guess is that more regulation is needed.
On the other hand, even more important than regulation is leadership that will stand tall and address problems before they become disasters.
It was obvious there was a tech bubble at the time. People made millions selling companies with little more than an idea.
It was obvious there was a housing bubble at the time. People were making thousands of dollars flipping houses. Often without doing anything to the house other than holding on to it for a few months.
Bubbles pop and damage the economy.
When the next bubble appears, what will be needed is a leader who will take action to gently let the bubble down, not regulations designed to prevent the last breakdown.