Three, inflation is killing peoples wages. The earlier busts had low inflation.

Simply not true.

I wouldn’t call an inflation rate between 5-11% low (1981-82).

Yes, it was low in 1992-1993.

An aside:
By the way, both of these busts had similar drops in terms of real price declines and declines in price to-to-income ratio (see here: http://piggington.com/bubble)
Which one saw steeper nominal price declines ?
The one that occurred in a lower inflation environment.