C.W pointed out that even in a perfectly competitive market, the best way for agents to figure out the equilibrium price is through trial and error, and that itself would be highly desirable through an auctioneer.

Of course, it's also interesting to see how one can view financial institutions as monetary intermediaries between people with money and who have access to wealth to those who are in need of it.
The bubble and economic shock in this case is also man-made and provoked/aggravated by man.
You can say that it's not such a big deal in one sense that it reflects nothing extraordinary other than the fact that there were too much lending that was not priced at the appropriate level.
Use your judgment call...