A great example of your point is the ‘housing bubble’. What a mess of government interference.
But the ‘dotcom bubble’ was purely the fault of investors misusing their credit.
Borrowing to buy Dutch Tulips is, I guess, the best example of my point.
Capital has to be invested to increase wealth. Otherwise we could let the government do the investing...
And it's the government beasts history proves who have created the biggest disasters. That's not to say there haven't been private investor disasters, but mild by comparison, as per your examples.