It isn't the regulations or lack thereof that is the problem. It is the 'Too big to fail' doctrine. If a bank fails, let it fail. If a company fails, let it fail. Trying to prop it up with funny-money printed at the Fed hurts everyone. There's inflation, artificial interest rates, price increases, bubbles and busts; all the while wages take forever to increase.
Something that would help reign in the financial mess is H.R. 459, Ron Paul's "Audit the Fed" which recently passed the House overwhelmingly 327-98, with (I believe) 89 opposed to this bill being Democrats. You would think to help reign in our wars and nation building that these Democrats would love to vote for it.
Unfortunately, that snake Senate majority leader, Harry Reid, is refusing to even put the bill to a vote. I think currently there are at least 20 some co-sponsors of the Senate version of the bill. But alas, in 1995, Reid spoke strongly about the secrecy of the Fed and pushed to have an audit of the Fed. Why the about face now, Mr. Reid? Afraid of that the gravy train will end?