Unregulated markets fail. You've read that here before.
Now there's a graph, which Paul Krugman published in his column, showing how dramatically true that is.
There are many things you could say about that graph. An obvious one -- this is Restating the Obvious -- is that economies were more unstable when money was hard.
Another -- not obvious from the graph but readily ascertainable from financial history -- is that the very rich benefit from financial collapses. As John D. Rockefeller I said after the '29 collapse, for him it was an opportunity to acquire 'attractively priced securities.' That was true for the very rich following each financial collapse since Reagan took office.