I think when people forget that the crisis in 07/08 wasn't just a dip in property values. The entire financial system had managed to get itself propped up on ex

I think when people forget that the crisis in 07/08 wasn't just a dip in property values. The entire financial system had managed to get itself propped up on extreme leverage against the single bet that mortgages would almost never default. That extreme leverage put the whole system in a highly unstable state, and it took just a little stress to pull the whole thing down. It collapsed the entire risk management systems of banks, funds and companies across the entire economy. That meant that there was nobody in the market that could lend, and everyone needed to borrow to try and plug the gaping hole that was ripped in their balance sheets. The financial system just isn't completely levered to housing that way today. Today, an economic slowdown might lead to a dip in property prices, but to find an event that would cause widespread and long-lasting damage to the financial system I think you're going to have to look elsewhere.