### Comment:
In 08 it was mortgage debt more than the stock market.  I remember the part-time Target clerk who 'invested' in a $500K house in Phoenix and the strawberry pickers in California who bought a $750K house in Hollister.  The stock market went along for the ride but it didn't drive the train.

### REPLY:
Right, mortgage debt, but you could place derivatives on that debt since it was extremely bad mortgage debt packaged to suddenly be a AAA product because Moody's said it was high return 'safe' debts. 
  
 I still can't believe the mortgage market was able to convince themselves a collection of bad loans would suddenly be less of a turd when you group them up.

### END.