I'm suggesting competition between markets. In the end the providers who best serve the people who actually make and lose real money, not the pure speculators, will determine what rules they want to follow, and it won't be the crap rules that Goldman and such want.
That would work if:
1. People could actually control what markets their money got invested in. Last time I checked I had no control over where my pension is invested. If my company's pension fund is wiped out, that is a problem for me.
2. Governments actually let people lose their money when they make bad choices. However, because of #1 they really can't do this. Plus so many people make bad choices they couldn't even really let it happen even if it were completely voluntary.
When markets are "too big to fail" then they need to be regulated so that they don't fail.
I'm definitely a fan of minimal intrusion. I'd have taken much more market-based solutions to most of the financial crisis problems, such as splitting up large banks (more competition, nobody is too big to fail on their own), or making bailouts much more powerful (government eminent domains company, reorganizes with only an interest to the national economy and no care of shareholders, and they do everything they can to find a basis for suing every previous executive of the company, then in the end the company is IPOed to get it out of the government's hands, the government recoups all its costs first, and then if anything is left over it goes to previous debtholders followed by shareholders). Because of collective idiocy I still think that markets are going to need to be regulated.