Interesting point, but when you consider that much of the "wealth" that was lost was nothing more than Enron-style smoke and mirrors (in other words, it never existed in the first place), this hasn't been bad at all.
During booms and busts and for as long as capitalism has existed, companies have been caught cooking the books. What makes Enron exceptional is the size of the company, however there have been no other Enrons, and it should be noted that most of the wealth lost occurred long before the Enron mess was discovered and the company went under. The amount of wealth lost reflects the lost economic opportunity caused by Greenspan aggressively removing liquidity from the system at exactly the wrong time. Your whole smoke and mirrors scenario can't be backed up by the facts.