I suggest the author read a book called "Ubiquity" that is about the relationships between frequency and severity.  Or Richard Bookstaber on the same topic. 

Severe market crashes occur when both markets are overvalued on a fundamental basis and overly exposed to structural yawns. This occurs either due to extreme leverage, like in 1929 or 2007, a concept that is easy to comprehend, or due to risk management methodologies (behavior) that change the shape of the market distribution and are the catalysts of crisis - think 1987 or 1998 and the quant meltdown in 2007.

Today, investors flock into the most liquid names not because they are the best buys, but because the gap risk to get out is lower. On liquidity, markets are dominated by HFT that may make stability in volumes a mirage. Dealers own small inventories and will go no bid fast. The rate of change of liquidity is high. Finally, in quiet times, the VIX becomes a look back indicator, and is not a good signal. Markets are wobbly.