Everybody cashed out, fear put everybody back into US Dollars. All asset prices went down. The central planners simply bailed everything out. If we do have another big crash, it would probably just be another big low bottom formation and right back up it all goes.
If TPTB wanted, they could probably just tell people to stop working, if they want to, and give the people money, a free paycheck. And nothing would happen. Maybe after that a true shortage of labor would increase those paychecks.