So then, what happened after? Please continue. How were things fixed?

High unemployment, people losing their homes and a slow recovery. You won't miss the bottom. It will last long enough for the worst hit to sell their stocks for low prices.

The best solution to a big dip is to have money to buy in. Interest rates are getting better so holding cash isn't entirely bad. The worst thing is to have too much in stocks at the bottom if you end up being the worst hit.

For housing, buy when interest rates start coming down and employment starts rising. The boomers made their money buying homes before the prices rose or at the end of the recession. The boomers who lost out bought at peak price.

If you are an employee, get a raise now. Fixing inflation isn't your job. You need wages to fall from the highest possible place and not from the lowest possible place.

Source: I lost my job and my home. I did well after the recession because I have a trade and the trades unionized and went on strike. We fell from a high place. From the time the trades were fucked to the when employers were shoving money in my pocket was 12 years, for reference.