Interesting paper but you did not take into account that the world had no gorged itself in debt at that time.
The more recent example is the 2000 crash and the irrational exuberance that accompanied it.
It took nearly thirteen years to reach those levels again on an inflation adjusted basis.
At the time interest rates were cut savagely to aid the recovery , from memory 400 basis points.
This time the Fed has no bullets left apart from quantitive easing which most likely will lead to hyperinflation and the nett inflation adjusted gains in the stock market will be negligible
financial crisis
Ann: COVID-19 - Credit Corp withdraws FY20 guidance, page-83
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