Having lived through a couple big market busts over the past 30 years, it's interesting to see that almost all of them were caused by a loosening of standards.

e.g.

- DotCom boom was letting companies IPO even if they had no revenue

- Great Recession was due to loosening credit restrictions for mortgages e.g. giving people NINJA (no income, no job) loans

so very curious to see how this plays out.