The FED certainly still remembers the mortgage mess, considering they still hold some $1.6 trillion in mortgage backed securities on their books. One wonders what they will do when the next debt crisis hits. Will they take on another trillion in corporate debt?
Clearly this can't go on forever, but there seems to be little political will to let credit markets normalize.
That's the scary thing that makes it so difficult to argue invest in my opinion, in that really ever since the late 90s Asian financial crisis we've been on these huge boom/bust/boom/bust cycles, all fueled by the Fed encouraging people to take more risk to lessen the blow of the bust.
And look where it got us in exchange: a new economy, the potential for AI and new medicine. Booms and busts don't matter in the grand scheme of things, so long as people remain productive and energy remains plentiful.
For me the whole situation is really scary.