1.) "Cyclical markets" (also know as volatile markets) are short-term, relatively predictable and typically last fewer than 5 years.
2.) "Secular markets" last several decades.
Market conditions that induce cyclical or secular markets vary.
The secular market that began in 2007-2008 was caused by 1.) a combination of unregulated "irrational exuberance" in the real estate and banking industries, 2.) low federal revenues and 3.) high federal expenditures. (Notably, the Iraq and Afghan wars were conducted "off budget" with no appeal to national sacrifice.)
Historians agree that "the collapse" of the financial industry and real estate market was brought about by abysmal Republican leadership.
The secular market we are now saddled with is analogous to an person who has suffered severe spinal cord injury.
Not only has our central nervous system trauma induced long-term paralysis (categorically unlike the "flesh wounds" of cyclical markets,) paralysis also requires a long period of fundamental re-constitution based on "basic research" that develops brand-new procedures for the restoration of mobility.
Even among Republicns, George W. Bush is a laughing stock. (A panel of 238 presidential historians lists Bush as 5th worst; and Obama as 15th best, three slots ahead of Ronald Reagan. http://paxonbothhouses.blogspot.com/2012/08/238-presidential-historians-rank-obama.html)
Not surprisingly, brother Jeb wants to restore the family honor by pretending that the severed spinal cord was a flesh wound and that Obama should have managed a cyclical recovery whereas Dubyah created a secular crisis.
An accurate account of what happened in 2007-2008 would represent George W. Bush as the gunman who shot America in the back, resulting in serious, life-threatening injury that will take decades for full recovery - just as The Great Depression did.