I hate to say it, it goes against every free market principle, but for the first 200 years of our capitalistic history, we did just fine with regulated portions of industries considered vital to national interests.
I'm beginning to think that we seriously need to consider re-regulating the airline industry, or portions of it (like maybe regulated routes), and we need to take a long, hard look at petroleum refining. Every wonder what we can do with a strategic oil reserve that we cannot refine? I think sometimes that we're getting a little too goofy with the free market concept.
The market may well regulate itself, but it doesn't mitigate the pain between corrections, and frankly, I think it's insane that if the Asians hit us with an electronics embargo ala the 1973 Arab Oil Embargo, we couldn't even build the bombs to punish them for it.
We need a lot of things we are no longer able to produce ourselves.