Another Wall Street firm turned more bullish on the stock market on Wednesday, as analysts came around to the possibility the worst of this year's tariff shock is in the rearview mirror.

One big misread came in the run-up to the 2008 financial crisis. Every major CEO and most large investors (not all but most) viewed the 2007 “credit crunch,” where banks cut back lending as housing prices tanked, as simply a downturn in the economic cycle. A few Fed rate cuts, and presto, things would be back to normal.