The S & P 500 never really got out of control back then — and, relative to bonds, it didn't either.
The Fed chairman, correctly, feared the economy was going to crash, and he would have been right.
I think that's certainly how people act.
I think that most participants have decided there's no hope and they are using an analogue that's 2000-2001 (dot-com bubble bursting) or even 2007 (before the financial crisis and the Great Recession).
Autos have been hurt by supply chain but I think that's coming to an end.