[…] That last quote is the money quote. No one can predict an improbable event like a crash.
Unless you have real time access to critical insider information perhaps.
There are far too many variables, and too many degrees of freedom for the powers that be in the regime of a fiat currency and an oligarchical political structure in campaign funding.
But there are periods of increasing risk, even for lower probability events.
And if the Fed keeps saving the one percent and their Banks, and letting Main Street fend for itself, then stagflation becomes a more likely outcome, even though it is an economic distortion of the first order.