Of course the market is failing. The market-driven model always fails on big markets (oil, telcos, banks, etc). Free-market economists quickly realized that there is a tendency for monopolies and oligopolies. They will eventually create trusts or use tactics like selling below cost to drive new companies out of their field. Enter the state-regulator: A small government with a singular goal; to regulate the market and ensure competition. The problem is that on big markets, the dominating companies are so powerful that they end up controlling a big chunk of the government. Or at least enough of it, so they can use it to ensure continuation of the mono/oligopoly.
It is a pretty nasty situation and hard to get out of it, since the only one with the power to break the cycle is the government which is already corrupted. That leaves us with "the people". Well, that is why most of the ppl that own banks and oil companies, also own a lot of media.