That is how George Soros characterized our economy in his interview on the NewsHour. Judging from the interview, Soros shares my view that regulations exist for a reason and that regulatory authorities need to be willing to act. In particular, they need to enforce margin requirements in the early stages of a bubble.
Soros has a new book out, The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means. It sounds promising. His book, Age of Fallibility: Consequences of the War on Terror, is well worth reading.