History seems to love repeating itself. In 1929, the "Black Thursday," the US stock market crashed instantly, leading to the Great Depression—industrial production halved, and unemployment soared to 25%. Exactly 79 years later, in 2008, a financial tragedy unfolded again: the subprime mortgage crisis swept across the globe, Lehman Brothers collapsed dramatically, global market capitalization evaporated by half, and the world economy plunged into an ice age.

What exactly triggered these disasters? At the root, the continuous easing policies of central banks released abundant liquidity, fueling a疯狂泡沫 in the real estate market. Even more frightening, high-risk MBS and CDS derivatives spread like tumors, with estimates suggesting these "financial bombs" reached a scale of up to $33 trillion. Rating agencies falsified data, leverage ratios soared to 1:40, and regulatory oversight was almost non-existent.

Post-crisis rescue measures were indeed grand—$700 billion TARP bailout plan, three rounds of QE unleashed massive liquidity, and the era of zero interest rates officially began. The Dodd-Frank Act also attempted to patch the cracks in the financial system. But can these measures truly eliminate systemic risks? Not necessarily.

The core issues have never been fully resolved. When the next bubble inflates again, are we prepared? Will the curse of the financial cycle play out once more? Perhaps the answer has already gradually taken shape along the trajectory of history.