Maybe. Biggest argument against this is that I’ve heard this for 40 years and with the exception of a blip in 1987 and the 2007-08, which were in historical terms very short, the Dow historically since 1900 has just gone up, up, up.
Look at the 1929 crash on a chart of the last 100 years.
You can barely find it.
You may be right.
I would suggest that in previous bubbles we did not have a government in power that was so completely invested in the destruction of capitalism, Obama terms 1+2 notwithstanding.