No, we sure don't need socialism in the classic context.
Capitalism is easily the superior engine of growth, innovation and prosperity. Unfortunately, we have so misapplied capitalism that some are looking towards socialism as an alternative.
Those who think that proper and efficient regulation of capitalism are to blame for that. Proper and efficient regulation is a REQUIRED COMPONENT of capitalism, not a hinderance.
Clearly the Meltdown of 2008, when unregulated derivatives took us to LITERALLY within HOURS of full collapse, taught us nothing. As usual, we just don't learn.