We don’t need to adjust for inflation since we are comparing nominal returns across the board.

What other investment options were there from 1999 to 2009 that had a similar risk profile (implicit backstop by government), but also unbounded upside (unlike fixed income options)?

> I imagine the potential collapse of the financial markets, was maybe a more important cause of monetary and fiscal policy around that time.

Because the businesses are so big ABs interconnected now. If a mom and pop family business goes out of business, that’s a few people who need to scramble, they’re not politically influential enough for a bailout.

If multiple SP500 companies are at risk, then I am going to bet Congress is going to shift into high gear to find a solution.