These "supervised or controlled market" opinions are nothing new. They just come more to the surface now in the middle of the crisis. Any journalist or economist has the satisfaction to say: "I told you so!"
Few said this from 2003 to 2007 when securization was blooming.
Personally I tend to always be a contrarian and take all ideas with a grain of salt. Since I am not an economist, I do not have full background to understand such statements so I refrain from comments.
However, if we come to quant world, then same approach is taken. Erase everything and start from scratch. Ok.
Do we have any ideas to start from 0? (there are some ideas)
Can they work? (of course they can)
Can they lead us in 5 years to same problems (of course)
To sum up, the market is becoming more complex, number of derivatives is growing, volume is increasing, I don't have the black swan feeling about this environment ...