The 2008 market implosion was dramatic. Lots of paper money was destroyed.
The modern progressive thinkers, who oddly were the inventers of these failed financial tools, wish to push the conclusion that failure of these weird financial tools prove what they've known all along that the American experiment in freedom is a failure, the free market is a failure and that wee need a new social order akin to the progressive regimes in Cuba, Venezuela, El Salvador, Haiti, North Korea and Iran.
My parting shot for 2008 is that all of the financial instruments that appear to require greater regulation should never have existed in the first place.
The best example is naked short selling. Our corrupt financial system created a network of centralized brokerages in cahoots with a secretive organization called the DTCC. The insiders in this group can dramatically increase the float of any publicly traded company on a whim. Naked short selling undermines the ability of companies to re-invest the capital that they have built up through the years.
Short selling itself is anti-market. Short selling is a creation of regulators that allow people to sell the equity in companies that they do not own.
A large number of regulatory failures came to light during the economic collapse. The message of these regulatory failures, however, is not that the free market failed, but that Americans were a bunch of chumps for having faith in financial tools that are dependent on the integrity of regulators.
Rather than more regulation, we need to return to a financial regime based on the direct ownership of equity and away from the leveraged and federally backed financial system favored by the elite.