[trhway]

>If I still cannot make you understand, please google "2008 MBS ABS". You'd be surprised at the similarity of what Ant's been doing and what caused the financial crisis.

blaming financial crisis on ABS/MBS is wrong. Some ABS/MBS may be very risky and it is just fine. The Ant's ABS sound like very risky and it is just fine. An informed investor may as well choose to play with such a risk for a high premium.

The true cause of 2008 was humongous amount of cheaply bought CDS because the underlying MBS were rated AAA which is several orders of magnitude higher then they should have been. It is like a somebody buying for $1 a $1M "life insurance" - basically betting - on a life of a 100 year old person. An insurer selling such insurance (ie. CDS) would quickly go bust like it happened in 2008.