No one saw the ZIRP* boom coming. When Lehman Brothers was allowed to go bankrupt, it was clear that the crisis was entering a new and much more dangerous phase and there would be a lot of financial carnage.
The big picture: But bears didn't make the really big money. Bulls did. Central banks slashed the cost of capital to zero and kept it there for the best part of a decade, encouraging capital-intensive investment. Austere governments demurred, but the private sector made trillions of dollars.