They're both the same issue, a lack of regulation creates an entire web that makes everything it touches super fragile. When Lehman Brother's tanked they were

They're both the same issue, a lack of regulation creates an entire web that makes everything it touches super fragile. When Lehman Brother's tanked they were one of the highest leveraged at 38:1, and current legislation allows 20:1 which many were originally operating at. If you look at any wealth asset, real-estate, wine, art, etc. these are all artificially high making the leverage crisis exponentially worse because when it comes time to shore up accounts these people don't actually have the value their writing in their books. Most of these retirement funds have to prove some basic stress solvency, but they're doing it with leveraged funds and debt. Thus when a downturn happens and it comes time to pay back the middle class we will have to bail them back out. We're paying twice! Student loans almost certainly will be the next bubble, Wall Street already sells these as an asset backed security (see SLABS). At over a trillion in value with the rules written against students when mass defaulting happens the whole system will come down again with individuals having absolutely no protection, and no one willing to fight for them.