### Comment:
This is true. Little quote I found, forgot who said it but “History doesn’t always repeat itself but it sometimes rhymes.” We never know til we’re in it.

### REPLY:
This isn’t to say that other debt instruments (CLOs come to mind) won’t turn out to be toxic, but I think some of the systemic issues with mortgages such as the fraud and subprime binge have been changed

### END.