Reading Keynes with his new understanding that Keynes, like himself, was always looking at the world through the lens of banking—the “Wall Street” or “City” view–led Minsky to formulate what he called his “two-price theory of investment”. Contra the quantity theory of money, monetary conditions do not drive the price of output; but they do drive

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Investors must prioritize tracking liquidity flows over traditional cycles, as innovative policies blur monetary/fiscal lines and reshape credit creation, with the coming of stable coins potentially shifting power toward government intermediation and liquidity growth.

So, specifically, I imagine that what happened in 2008 crisis is that, consciously or unconsciously, a decision was made to prevent or inhibit the negative consequences of the financial and to a lesser, but very important extent, economic layers by actually spending resources at the sociopolitical and cultural layers.