The above question seems to be fairly easy to answer, for in fairness, those that create speculative bubbles and profit during the good times, should by all rights, be the same ones that should directly suffer when the bubble invariably bursts; but more times than not, that isn't the case, in reality. For instance, all those questionable subprime mortgage loans primarily created in the 2006-2008 time-span, were put together into nice and neat packages to be sold as safe investments and were rated as such, to non-suspecting clients; but were, at the end of day, actually highly speculative, and destined to fail on a massive and catastrophic scale, in which those doing the biggest suffering were to a large extent, those that unwittingly bought them.
So too, anytime any industry, such as banks, are allowed to scale up in size so that they are thereby classified as "too big to fail" , in which then the government puts together a comprehensive program upon the backs of the taxpayers to salvage these banks from their egregious and greedy speculative bets gone horribly wrong, and to thereby make them whole, without proper punishment, or by holding them accountable for the damage that has been wrought upon society, and upon those that have fairly paid into the system, as its taxpayers, then surely that is a blatant injustice.
In truth, speculation good amok, is going to hurt somebody or some institution, and the people and institutions that should be most punished, are those that are the enablers and implementers of such. Further to the point, checks and balances are the necessary force that needs to be utilized by the government and its appropriate agencies in order to keep those that allow their greed to get ahead of their common sense, to be put into their place, before the speculative frenzy ever takes place. After all, in a capitalistic society, there is always going to be people and companies, that when allowed access to unduly speculate, are going to do exactly that, and more so, when they believe, that they will not subsequently have their feet held to the fire.
Again and again, those creating financial chaos, in which the taxpayers end up being the suckers in having to suffer for such, indicates that something is clearly fundamentally wrong. What is especially galling is all those companies that pay inordinate amounts of bonuses or salaries when times are good, and then when the speculative crash comes, are not held accountable for those excess monies that were wrongly given out for overly risky plays, gone all so wrong, in which those monies were never appropriately returned or compensated to those unduly hurt by such, especially in consideration that they were improperly "earned", in the first place, by those that unsoundly speculated.
The reason that there is so much speculation in America has an awful lot to do with the fact that America is the largest economy in the world, while also having very liquid markets, as well as its monetary unit, being the de facto default currency for the world. All this, encourages rogues to ply their trade, and when those creating speculative bubbles end up hurting the common man, they and not the common man, should have to pay dearly for having done so.