The difference was in 2008, there was actual debate as to whether to bailout the system, so non bailout risk was getting priced in.

Now there is no debate, everyone knows the balance sheet goes to infinity if required. Now when something blows up and the fed says they will step in the market calms down. This will continue to happen until the moment it doesn't and the market doesn't buy what the fed is selling anymore. That's when the real fireworks happen.