Well, truth be told, the US model is already a primarily market economy with significant government oversight, as are most developed (and even many emerging) countries.
The best way to think about this issue is on a spectrum: with total government control of the economy on one side of the spectrum, and no government intervention on the other side of the spectrum. Most every economy in the world falls somewhere between those two poles, not directly on either one of the poles.
You seem to be of the opinion that the American model should shift more towards the government control side of the spectrum; other people think the American model is just fine where it is; and others, even, think we need to move to less government control of the economy.
I, personally, am one of the people who would generally tend to prefer less government control of the economy, but, years prior to the onset of this crisis, was loudly and insistently proclaiming that the paradigm of believing that deregulation and the free market created some sort of Liebnizian "best possible state of the world" scenario was inevitably going to choke on its own hubris by leading us into a crisis caused specifically by lack of proper regulation.
Many people thought I was a rather cantankerous asshole in the years leading up to the crisis, due to my strongly held beliefs on the matter, but, ever since the onset of the crisis, people have more or less come to admit that what I was ranting and raving about was really spot on all along.
That being disclosed, I believe we are experiencing a natural swing back to the pole of more government intervention in the economy after a 25-30 year period of moving towards the pole of less government intervention in the economy.
This is probably a necessary swing, but, at the same time, more government regulation/intervention/control is not some end-all, be-all solution to our problems, nor will it be beneficial in all ways/all of the time; there are pitfalls and problems with increased government regulation/intervention/control of the economy, and, as we move towards that pole, we will start seeing evidence that that this is indeed the case.
And then we will start swinging back.
(As I'm sure you know, we're already having this broader debate in the U.S., of which the debate over the potential repealing of the healthcare bill is a quintessential example.)