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There was never an account for 2008. It seems likely all the banks called in their blackmail favors during the second TARP vote. 80% of Americans were against it, even those who had lost huge chunks of their retirement.

But the banks were bailed out and lenders who committed outright fraud on mortgage documents were never prosecuted.

I think many would have been happy in 2008 if the market stayed low if banks would have had to sell back their mortgages to home owners for 75c on the dollar. We would have seen broad level deflation and everyone's dollar would be worth more. Instead the tax payer bought up everything $1 for $1 in a financial coupe.

There is no parallel here. Unless there are massive income tax cuts, this is just a federal sales tax. Remember that Biden tried to get in "unrealized gains" taxes (which would have meant Federal property tax!).

With all the DOGE cuts, executive budget spending is somehow up! The US is spending more and taking in more taxes. I agree the market will fix itself and people need to stop freaking out, but I also think some people are so MAGA brained they can't even say tariffs are a blunt instrument and a new tax. They'll defend it as some "art of the deal" shit.