Throughluckandskill, that crisiswascontained — but rather thanserving asawarning, the episode nurtured thefalsebeliefthatthe Fedhad all thetools it needed todeal with financialshocks.
Still, a small rise in interest rates would still leave monetary policy very loose, while servingasawarning to investors and homeowners that shares and house prices cannot keep rising for ever.
Servingasa psychological canary in the coalmine of your life, warning you to re-evaluate the wisdom inherent in following one particular path relative to alternative ones.