Nothing makes them necessary, and the free market regulates by allowing those businesses to fail. Since we don’t have a free market, but a regulated one, those

Nothing makes them necessary, and the free market regulates by allowing those businesses to fail. Since we don’t have a free market, but a regulated one, those crises you refer to are symptoms of a regulated market. Cyclic failures are also a result of the banking system and their use of scrip as opposed to specie.