James Lileks gets it about...

...right:

Speaking as an utter amateur, I’m worried less about a recession than inflation. I’m worried most about a recession, inflation AND a jolly round of trade wars, coupled with fragile banks, overcapacity, diminished consumer confidence and aggressive messianic collectivism. Something about that smells familiar. I love studying the thirties and forties, but not first hand.

The quote, fifth paragraph from the bottom, gets it right, too. I suspect it had something to do with the people making the big fees were not putting their own money on the line. Bad system of incentives.