> They just weren’t liquid like other AAA assets (namely, Treasuries) in a crisis. Yes. I think that a big contributor to the crisis was that everyone knew tha

> They just weren’t liquid like other AAA assets (namely, Treasuries) in a crisis. Yes. I think that a big contributor to the crisis was that everyone knew that there was some loss on under-water-real-estate, but due to the complicated nature of the traded products nobody knew where those losses would manifest, and thus trust collapsed across the board.