Deregulation good - thus keeping government out of our business good, including in areas where government intervention saved the day in the past because of systemic risk. In the long run, we're all dead. John Maynard Keynes
You can't expect a planetary economy that's being run like a giant video game for the benefit of a few thousand players to make any sense at all.
Slightly more technically, a core structural problem is that markets seem to believe that risk in the abstract creates value - if only because that's how salaries and bonusses are slanted.
So there has been constant pressure to increase and disguise risks, with the results we see today. People like Taleb are exceptionally insightful about the small details, but miss the bigger picture, which is that not all risky value is equal (windmills are more valuable than piratical asset stripping), and that some market feedback loops - like downward pressure on wages, which makes foreclosures more likely - have as much of an influence on risk as direct lending practices.
You can't solve these problems by tinkering with lending mechanisms. As long as markets believe that risk = value, there will always be pressure towards increasingly risky transactions and away from the creation of socially useful value.
This is a moral issue - a crisis of values - and has to be fixed at that level. The New Deal and the other examples of post-war consensus made a start in that direction, but were easy to subvert because they never stated the goal explicitly enough for it to sink into popular consciousness.
