Second, these price movements were exacerbated by market participants trying to protect themselves--with portfolio insurance in 1987 and by closing out positions in 1998. Third, market participants became highly uncertain about the dynamics of the market, the “true” value of assets, and the future movement of asset prices.
Of course, the "new normal" is quite different from the "old normal," but it is still normal: businesses are opening; the malls are full again that parking has become a challenge; students are trooping back to schools; consumers are spending more; and tourist arrivals are increasing. What we have today, some of it is called "pent-up demand" or "revenge spending."