It was because debt-based speculative investing is one of the easiest and most common ways these types of risk are spread. There's lots of other sources of inv

It was because debt-based speculative investing is one of the easiest and most common ways these types of risk are spread. There's lots of other sources of investment, but the debt-based ones are most concerning with respect to the analysis. The other dangers are municipal general fund and endowment based investments. Local municipalities in countries like Greece and Italy got caught up in the 2008 real estate crash and then all of a sudden, things like street sweeping and garbage pickup stopped. Speculative bubbles cast wide nets.