Yeah, I think the lesson was indeed pretty well learned. My initial comment was off though--I said that the banks hold a lot of this debt. I reread and saw that reddit poster claimed that the banks hold very little and pass it down the line to funds. Maybe they hold little enough that they will be fine. Maybe they hold enough that they will need a bailout. Either way they win. I agree with you. Their success with mortgage backed securities last time appears to have inspired a sequel.