It changed again in 2008.
It changed because the anti-stagflation CRA and the Clinton-era housing stimulus collapsed global credit markets?
Only academic conservatives like yourself see it that way, just like academic liberals see the late 1970s as the product Nixon's monetary policy changes. It's all purely academic.
The majority of regular average people in 2008 (you know,
voters) saw it as a reason to not trust Republicans at all, just as the majority of average people in 1980 dropped the New Deal Democrats. That's the problem the Republicans have right now.