Until 2009, it appeared that the Republican Party had learned its lesson from the Great Depression: Bush had supported soft money and tax cuts during recessions, and all of the major GOP candidates proposed stimulus packages during the 2008 election. Then Obama was elected, and the party reverted to form: suddenly low interest rates, bailouts, and large deficits were turning us into Greece. Stagflation and economic collapse were imminent.
That didn’t happen, of course, but the people who predicted it are in power today, and they have never apologized for their mistakes. President Trump, for his part, is incapable of saying anything coherent on the issue of interest rates. When you then consider that the Fed’s ability to reduce interest rates is more limited than it was in 2008, that the current administration is doing its best to defang Dodd-Frank, and that the deficit is much larger than it was in 2008, you can see that any financial crisis in the next few years could turn into a complete disaster.