The financial crisis of 2008 : a history of US financial markets 2000-2012

"Investors in 2000 looking back at the 1990s could have been pardoned for feeling euphoric. The S&P 500 (Chart 1.1) had risen 237% since 1992-a compound annual rate of 16.4%. This gain followed a plethora of troubles at the end of the 1980s-the savings & loan crisis that corresponded with widespread commercial real estate problems; the collapse of the nascent junk bond market; the bankruptcy of Drexel Burnham, and the jailing of its hero, Michael Milken; and the military down-sizing that followed the end of the Cold War."