A whole bunch of things caused the crash, all the money China had looking around for something safe was one necessary ingredient. The Fed keeping interest rates low, thus making T-bills an unattractive investment was another. Lots of people's willingness to take on a bunch of debt they shouldn't have was yet another. Wall Street packaging of these loans into bonds which nobody could understand was yet another. The bond rating agencies giving these a high rating, yet another. This is an incomplete list.

As much as I don't buy that it was all Wall Street's fault, I certainly don't buy that it was all China's fault, or the Fed's. There was plenty of greed and very little foresight all around.

To answer your question, nothing will adjust people's expectations about what is needed faster than not having the money to buy it or the ability to charge it.