The word "fundamentalism" is no doubt deliberate, invoking a religious concept. In that sense I'm also a "physics fundamentalist" and "engineering fundamentalist," I suppose.

The idea that these markets were unregulated is a myth. The idea that deregulation was the only cause is a myth. The idea that "perfect" regulations would fix it forever is also a myth.

The concept of market forces scares people. Humans have a natural fear of chaos. We invented gods and spirits to paper over the chaos of nature, and we do something quite similar to paper over the chaos of human society.

The twin archetypes of "scapegoat" and "savior" have been part of human societies since we were in tribes. When something happens, a scapegoat is often selected who takes the blame, and the natural corollary is a savior who promises to make things better. Ironically, as events proceed, it's not uncommon for these two people to switch places frequently.

As far as effectiveness is concerned, this is no different than sacrificing a goat for a good crop, but it makes humans more comfortable about things that are inherently uncontrollable. A lot of politics boils down to this very old coping mechanism. Go down the list of presidential elections through history. How many fit neatly into this mold? This one sure seems to.

We all find comfort in "bad guys" to blame, and in the faith that "good guys" can fix it. It's not going to be that easy. It never has been.

Regulations are made, and market forces work around them. Many of these weird financial constructs are the result of leaking around regulations when the market is creating pressure. You can keep rewriting the regulations if it makes you feel better. Concentrate on transparency issues, and it might even help. But money will go where it goes, and if not in America, somewhere else.