Here’s a map of housing prices in the US.
See if you can draw a circle around the financial crisis. (Most people get this wrong).
If you placed your circle starting at around 2006 and ending at around 2008, you got the answer wrong. Those years do not represent a “crisis” of any kind. Those years represent a healthy correction back to the mean.
(Actually, they represent an artificially aborted correction, saved by radical monetary policies by the Federal Reserve. The dip in housing prices should most likely have gone much lower.)
Where was the real crisis?
The mainstream media consistently fails to identify crises at their roots, and instead focuses on the painful effects of the crisis, rather than the crisis itself, which was the unnatural rise in prices which deviated from organic growth.
The correct answer to the above test is here:
Now here’s another test:
Given that markets are at their all time highs, is there another financial crisis coming? Or are we in the middle of one?
And when one looks at market performance in aggregate since 1960, it’s quite clear that the “crisis” is not the market’s attempt to return to sanity, but the (now 3) attempts at lift-off into the stratosphere.