Free Market Leads to ... what?

Socialism? Communism? Floyd Norris at the New York Times has something to say about this last week's disaster:

If an activity is important enough to justify a government nationalization to prevent a default, it is important enough to be regulated. The regulators need to know what risks are being taken, and by which institutions, in time to act before a crisis develops.

I have forgotten where I found the link to this article, and when I pulled it up just now I had to register at their website. Wanted to know what I do for a living. Did NOT have a spot for unemployed.