You forgot the crash of 1937.. "The 1937 stock market crash was a sharp economic downturn that occurred in the late 1930s, interrupting the recovery from the Great Depression. The stock market experienced a significant drop, with the Dow Jones Industrial Average falling by 50%."
You're right, and a comparable drawdown to 2008, except the bear market lasted longer (5 years vs 18 months). https://www.macrotrends.net/1319/dow-jones-100-year-historical-chart
The chart you linked also shows a 47% crash in 1921. I think there would have been a 40%+ crash in 2022/2023 had ChatGPT not come out. I think the AI bubble still has a year or two to still run, before it finally pops.
Sure, eventually markets come back. But if you look at the above DJIA chart, drawdown recovery time can vary considerably.
Dont have to go back that far, QQQ took almost 15 years, probably 20 years if you adjust for inflation, to get back to the dot com highs.
If you scroll down to the inflation-adjusted DJIA chart, 1966-1982 wasn't a good time to be invested either. Took 30 years to get back to breakeven. Investor complacency is rampant. Stocks, cryptos etc are seen as a one-way ticket to riches. At least crypto investors have experienced bear markets. There hasn't been a nasty stock bear for 17 years. Most investors under 40 will never have been through one.