Isn’t the story for the GFC a bit more layered, Nick? It seems to me that the MBS as such were not the big problem; it was the fact that many holders leveraged them at up to 100 to 1 guaranteed failures once national-average house prices dropped by a fairly small amount. And then on top of that the Credit-Default Swaps were layered on top, creating a highly unstable structure whose failure took down some insurance companies, among other things.