Were the problems with the economy caused by deregulation?

Here is an article that makes the case for the current economic crisis being caused by deregulation: http://www.vanityfair.com/magazine/2009/01/stiglitz200901?printable=true&currentPage=all

My gut feeling is that deregulation is part of the problem, but that there is more going on. For example, the problems with the automobile industry are caused in large part by problems with the big three auto companies. I also suspect that the trade imbalance and loss of manufacturing are contributing causes. A lot of people have said that the U.S. is never going to return to its previous dominant economic position and I have a sneaking suspicion they may be right. I don’t think that things will ever be quite as good as they used to be.