It's the difference between describing causality and reporting facts. Not every top is caused by a Minsky moment. For instance, inventories could overshoot and

It's the difference between describing causality and reporting facts. Not every top is caused by a Minsky moment. For instance, inventories could overshoot and then less stuff needs to be made for a while. Or central banks could raise interest rates to fight inflation. These are two of the most common causes of relatively benign recessions and market tops.