alt Hacker News> correction that wipes out the incumbents who absolutely are working to maintain the masqerade
You need to also have a robust alternative that grows quickly in the cleared space. In 2008 we got a correction that cleared the incumbents, but the ensuing decade of policy choices basically just allowed the thing to re-grow in a new form.
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I thought we pretty explicitly bailed out most of the incumbents. A few were allowed to be sacrificed, but most of the risk wasn't realized, and instead rolled into new positions that diffused it across the economy. 2008's "correction" should have seen the end of most of our investment banks and auto manufacturers. Say what you want to about them (and I have no particular love for either), but Tesla and Bitcoin are ghosts of the timeline where those two sectors had to rebuild themselves from scratch. There should have been more, and Goldman Sachs and GM et al. should not currently exist.
"In 2008 we got a correction that cleared the incumbents,"
I thought in 2008 we told the incumbents "you are the most important component of our economy. We will allow everybody to go down the drain but you. That's because you caused the problem, so you are the only ones to guide us out of it"