Anything approaching an explanation resembling the Austrian Theory of the Business Cycle would probably be persona non grata to a good percentage of people on H

Anything approaching an explanation resembling the Austrian Theory of the Business Cycle would probably be persona non grata to a good percentage of people on HN, but I'd strongly suggest looking at monetary policy in the last few years for clues. Due to the (IMO extreme over-) reaction to Covid, governments spent money and made it available like drunken sailors. Businesses overhired, were able to get insane valuations, and a lot of excess cash made its way into the markets and overinflated everybody's valuations. The problem is, there ain't no such thing as a free lunch. Now we're reaping the predictable contraction.