The only tried excuse of government is blaming the free market and indulging in such situations that would resolve themselves normally.
Government and crony capitalists create a mess of the free market which is a reliable scapegoat. Because of the repeated accusation and the surface credibility, many people believe in the turpitude of the marketplace. It cannot be denied that financial awful things happen to people in the free market.
A free market is the one where people exchange with each other without any state or any other kind of force which includes frauds as well. Here some individuals act badly as well as human beings make choice on occasion. But every bad behavior does not involve force or fraud.
Example, opportunists may play vulnerable and can convince them to make a bad investment but without misrepresenting them; and due to the foolish behavior of some individuals, the investor does not perform due diligence.
If any force or threat would have been there, then there will not be any real true exchange possible which would ultimately cease the free market act which makes it a criminal one. The free market resolves criminal behavior by redressing and ruination of the criminal’s reputation by a court system.
This does not reflect any market failure, it is the reflection of human tendency which would threaten any economic system. Human beings are fallible, and some are given to vicious behavior.
Individual choices collectively make any free market coming from an almost infinite number of motives upon which no ban is passed if the expression is peaceful and not fraudulent. As a result, people tend to act in their own rational self-interest. But some minority acts like dumb or like rogues.
It is not about the perfection or imperfection of the free market. No human arrangement is utopia. What we need to know is if there is any other alternative. To be on point, the question arises does the central government contain more or less force and fraud than a free market?
Under a free market, an individual has assessed to situations and decide the best for themselves. Individual learn from its experiences and mistakes. Through this, the individual can take control of their own lives.