Regulations create a level fair playing field where those that risk and fail pay the price not the taxpayers. 
Deregulation allowed banks to repackage Junk Housing Bonds in a big red bow and present them as AAA+.
Trillions of the current US debt is from Bankster bailouts; not to mention the 4 trillion dollar oil war in Iraq (first war not paid for by increased taxation).
And by the way, who were those great big Lefties that brought in Banking and Anti-combine regulations in 1934? The leaders of the biggest banks on Wall Street. The economy then ran great, without any bubbles, till the 1980s and the start of the Reagan/Thatcher deregulation mania.