That was the closest we got, and you did start to see the symptoms I mentioned. Banks foreclosed illegally on some houses, people walked away from underwater mo

That was the closest we got, and you did start to see the symptoms I mentioned. Banks foreclosed illegally on some houses, people walked away from underwater mortgages, and the share of housing owned by individuals to reside in versus owned by private equity to rent out shifted. But I think it's difficult to have that happen again. A lot of the action mentioned before must have been taken with an eye towards never getting that close. Unprecedented things like calling on the FDIC's entire reserve to backstop a handful of banks (as an emergency measure, and then sorting it out later), regardless of the size of the accounts that otherwise would have been bailed in. Or the many, many Fed programs to provide emergency liquidity. Simply not taking the initiative in these cases would have represented the perfect chance to start a controlled demolition and clean-out of troubled positions. But that's assuming the demolition can be controlled, and that there are any positions that aren't troubled. Could be that every valuation is out of wack, that you can't correct without upending everything. It's possible that we are in a completely fraudulent system.