It isn't.

The same things have been happening in financial markets for two centuries. I will say it is remarkable how few people take an interest in looking at this kind of thing. History, particularly in the US, is regarded with derision. Economists believe that nothing in the past could be relevant any more...their expert guidance has moved us to a higher plane of existence...

...and if you look at history, you will see that almost everyone back then thought the exact same thing too (I say almost, when things really went to shit you find that humility tends to last a bit longer...there is zero humility today).

This all applies to personal finance too. All the financial problems that people have are problems of human nature.