The 30s were more regulated than today in many ways. It was illegal to own gold. What and how much to farm was ordered by the federal government. Labor laws and interventions were extreme. If you traveled back in time to the 30s to participate in the economy it would seem almost fascist/socialist. This is why the depression lasted so long and got so severe in America. Other countries suffered similar initial setbacks as the US, but recovered far more quickly.

It is a ridiculous myth that Hoover was laissez faire. He intervened massively in the economy and FDR merely continued his policies. There's little FDR did in his first year that hadn't been drawn up by Hoover.

> regulation and oversight prevent swings

The housing crisis is the direct result of a deliberately orchestrated policy to subsidize housing.

The root cause of bubbles is monetary policy, anyway, not regulation.