I cannot think of a single previous business cycle that was driven by this dynamic. Can you give some historical examples? This strategy seems unique to the most recent generation of capitalists (sharing economy, crypto stuff, etc).
The 2008 bubble was largely driven by the deregulation of financial instruments (and non-regulation of new instruments) in the late 1990 and early 2000.
Lehman Brothers didn't know, Barclay's acquired them for pennies. Same with Bear Sterns (JP Morgan acquired) and Merrill Lynch (BofA acquired).
Also quantitative easing began as a result of the massive loss of trust between banks as a result of the crisis. Every central bank in countries with big financial centers had to follow a similar playbook.
