[FrustratedMonky]

That was the structural problem.

But it was swept under the rug, it was hidden by market constantly going up.

Ponzi schemes can hide in a market going up, because nobody is trying to pull money back out.

Suddenly everyone wanting their money, and the shortfall suddenly become apparent.

Oil prices suddenly made everyone try to pull money out, and 'woops there is nothing here'.

[floatrock]

I did make a snarky derivatives comment elsewhere in the thread, but I do see you're not wrong about oil prices peaking at $138 in June 2008 (Lehman collapsed in September 2008): https://fred.stlouisfed.org/series/DCOILBRENTEU