The last market crash was caused by the very economically unnatural COVID and the global response to it. This one is caused by insane foreign policy. Both of these are weird recessions because they don't have anything to do with real market conditions or even stupid pathological market conditions (housing crash).
The covid response of printing trillions of dollars and other currencies around the world meant that there was way more money and it had to end up somewhere.
There's just way more money to invest than there are productive companies to invest in. So you get crazy P/E ratios in the best bets available.
The "fix" is to inflate that money away (or maybe to tax it and pay down deficits?) but it's not an easy monetary policy or a familiar one.
