Everyone was trying to pretend the bottom of the market back in 2007 right up until they couldn't keep up the farce and everything collapsed.

I believe that's what we have today. The economic indicators are all worse than they were in 2008. Our economy is Wile E Coyote running at full speed in midair until he realizes the truth then falls.

The fed was taking action by increasing rates up until the housing market collapsed, so at least some were taking the issues seriously.

I don't have the full context of what the thinking was back then since I was in highschool.