Yes everyone knew it would end, but nobody knew exactly when. Choosing not to expand when there was cheap capital and increased customer demand would have been

Yes everyone knew it would end, but nobody knew exactly when. Choosing not to expand when there was cheap capital and increased customer demand would have been a pretty bad decision as well. Many of these companies expanded by like 3-5x and are now having to downsize by like 10-20%. That doesn't seem like a reckless overshoot to me.