Yes, there had been bad times every time the junk bond market crashed, and troubles with commercial mortgages 1989 - 1992, but the industry had not learned its lessons yet. (alephblog.com)
They focus on stock and bond market crashes specified as daily returns in the bottom 5 % of respective return distributions over the entire sample period. (cxoadvisory.com)
All this changed when the junk bond market crashed in the late 1980s and Drexel Burnham Lambert subsequently folded in 1991. (edutopia.org)