You needn't continue, you should listen.
Government regulations are the opposite of free markets, free means free of government regulations. Free markets do not go haywire due to lack of government regulations, market did go haywire due to government regulations. Housing market, equity market, now bond market and money markets are all haywire and they are all haywire due to government regulations.
Governments regulate interest rates by ensuring that the so called 'reserve banks' (which have no reserves but only debt actually) control interest rates and create fake money, which is what destroys actual free market.
Fake, government regulated fiat and interest rates destroy free market operations and cause them to go haywire, which is what has been happening for over 100 years now, the Great Depression was due to the Feds creating fake money, the 1971 stagflation was government destroying the very principle of reserve and going full fledged retard with money being nothing at all but paper.
The entire USA and most of the rest of Western economy is a rude facade, there is no production behind it and only inflation creating one bubble after another, each new one having to be ever bigger than the previous one to continue the pretence that there is an actual economy, while the reality is that without production there is no economy and without real money there is no production and the real money is outlawed by the government.
The actual people responsible for the 2008, for the late 1990s, for 1970s, for 1930s and all the crap in between are in power, they are dictating the rules, the so called 'professors' propaganda pushers like Krugman are doing what they are trained and paid to do to help the government to stay in power and the useful idiots like the masses who buy into this crap are the ones who eventually pay with destruction of their economies and standards of living.
FDIC shouldn't exist. FDA shouldn't exist. Federal reserve bank shouldn't exist or at the minimum should HAVE RESERVES and should NOT be allowed to print paper money and manipulate interest rates.
Government should not be allowed to meddle with money or with business and specifically with individual rights of people and you are talking about 'free market going haywire'! Ha!