The markets didn't fail, you demanded they do something impossible. This crash is the predictable and correct result of the inputs you provided. If you let an airplane turn into an ice-covered flying brick, gravity continues to do exactly what it will do - your flight plan might as well be a parabola - and people die. The NTSB never, in its investigations, asks "What went wrong with gravity?" What makes you think markets are any different?
You might think that we can find an alternative to markets, that markets are a political tool that can be chosen or rejected. They're not. They operate at all times and in all places, and always by the same laws. They are the given that your political positions are tested against.
You have failed.