> basically need the entire market to become illiquid. Which came dramatically close to happening in 2008, see, e.g. [0]. [0] http://pages.stern.nyu.edu/~ster

> basically need the entire market to become illiquid. Which came dramatically close to happening in 2008, see, e.g. [0]. [0] http://pages.stern.nyu.edu/~sternfin/pschnabl/kacperczyk_schnabl.pdf http://pages.stern.nyu.edu/~sternfin/pschnabl/kacperczyk_sch...