Mortgages were a large part of the credit bubble prior to 2008, but very far from the only part. It also extended to consumer credit, leveraged loans, bank and

Mortgages were a large part of the credit bubble prior to 2008, but very far from the only part. It also extended to consumer credit, leveraged loans, bank and insurer funding, more or less every credit market. And mortgages are and were a much larger part of the economy too than VC is now. This isn't to say VC hasn't experienced a bubble over the past few years or that there won't be a broader downturn, just that I'm pretty sure VC won't be something which causes contagion like that.