We are where we want to be. The poster asked the question of should government intervene. To say that "government will intervene whether we want to or not" is to engage in circular reasoning. One supposes that in order to ask the question, there must be a choice for the answerer to make.

I also have heard this "those were the old times" argument quite a bit lately, and its wearing thin for me. To some degree, yes, government has intervened and mucked around with markets. But to a larger degree it hasn't. And the decision to muck around or not, last I checked, was a political one, not done simply because times have changed. It's very much debatable whether government intervention in various markets constitute a good or bad thing.

Teddy was a smart man. So was Jefferson. We continue to find and address these issues as we can, doing the best with what light we have.