Our economy faltered because of a speculative bubble. That's what always happens. And “the others” always find some way to create one. The best you can hope for is to mitigate the effects. But when we turn soft on regulation, and when we pander to greed, we amplify the effects.
Have a look at our entire history of boom and bust. Look at it as a graph, one that looks like a radio signal. On the Gold Standard, the amplitude is totally out of control. Once the Federal Reserve is created, the level of catastrophe is reduced by orders of magnitude. That's mainly the work of regulation, combined with a wary attitude toward greed.
Some politicians in the “So-Called Right” are telling you that regulation is Socialism, or Communism. In fact, it's one of the basic pillars of Capitalism. These folks aren't Republicans or Conservatives, they're Corporatists, and Extreme at that. If you want to calculate the Center of the Curve, these folks are 3 deviations away from it.
Some politicians in the “So-Called Tea Party” want us to go back to the Gold Standard. These Corporatists are just plain off the curve.
We already voted a vast new set of financial reforms into place. We mostly solved this problem, for now until “the others” find the next loophole. Remember, even Republicans put no serious block to it; behind the scenes many contributed to it. The only question to ask is, why did they all vote against it? 😉