The market collapse in response to low unemployment was the result of the Federal Reserve raising interest rates in direct response to high employment and wages

The market collapse in response to low unemployment was the result of the Federal Reserve raising interest rates in direct response to high employment and wages, with the stated goal of reducing wages and increasing layoffs to tackle inflation. Capitalism has always been about serving the needs of those with capital, and reducing wages and employment does just that. This has always been its form.