No lessons have been learned at all. This Fed is so out of control, it's unbelievable. When inflation rears its ugly head, and it will, Bernanke will be way behind the curve, the market could crash, and all hell could break loose. We already have inflation, but of course no one will admit it.
I just don't know how there's still complacency, as evidenced by the continued downdraft of the leveraged VIX plays.