Comment by kipchak

Arguably this boom bust cycle is more of a intentional feature than a bug. Thanks to the cycle private actors are able and to capture the benefits of the boom, but when the bill is due the downside falls on the general public or taxpayers at large, basically Ersatz Capitalism or Lemon Socialism. 08 is the clearest example but they're all generally fueled by credit cycles creating exuberance.

There's also a element of lost collective memory via generational change providing a new supply of optimists.