It was also a function of banks bundling and rebundling junk debt into “synthetic products”; hence the good observation on banks repackaging the same assets in

It was also a function of banks bundling and rebundling junk debt into “synthetic products”; hence the good observation on banks repackaging the same assets in different ways. The same as happened in crypto, in an even more sophisticated way that few people (at least retail investors) can’t really grasp.