The 2008 crash brought in Barack Obama, and the age we’re now living in. But like most people (including me), he thought the crash and his election meant the end of the crisis, not its beginning.
We’ve all learned better now.
One reason is that the 2008 collapse, and its quick resolution, didn’t drive home the lesson about speculation, and how man-made bubbles can cause enormous hurt when they pop, as they always do. The “Helicopter Ben” Bernanke solution of dropping money on the banks, replacing the losses, then regulating the banks’ use of the funds, only took the banks out of the equation during the next bubble.
The cycle of crisis, recovery, anti-thesis, and excess accelerated, as change does in the age of Moore’s Law. By 2016 the markets were ready for a new period of excess.