Glad you found this interesting. I would agree with the argument that there is a need for *some* amount of regulation, but more importantly these regulations need to be *enforced*. In the case of HTF, simply enforcing Reg NMS would stop a lot of the non-sense. For a good overview see http://www.nanex.net/Research/IsNBBOIgnored.html
The 2008 crisis is actually an example of what happens when state and federal government as well as regulations agencies are left to their own devices.
Everybody talks about the role that bankers played in that crisis, very few people take the time to understand the real root cause: a series of 'solutions' to inexistant problems, drafted by politicians (Reps as well as Dems) who never have to pay for the consequences of the retarded decisions they make year after year. If you really want to look at the big picture, grab a copy of "The Housing Boom & Bust" by Thomas Sowell (the revised edition preferably). Its an eye opener, even if Sowell has a tendency to repeat the same thing 3 or 4 times over the course of his book :-)
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