"The pt. Is that nothings changed in the financial system"
Actually, a ton has changed in the financial system - some good and some bad. Banks are larger than ever (bad - more potential systemic risk), but they're being more strictly regulated (probably better). Mortgage rules now exist that didn't exist in the housing bubble (generally good) - but Fannie and Freddie are the only game in town. Our bailout of Fannie/Freddie has now paid back the invested capital. And we haven't hit the hyperinflation that Peter Schiff and other similarly ill-informed pundits said would happen. The notional value of the derivatives contracts says nothing about the risk - just total exposure.
Actually, a ton has changed in the financial system - some good and some bad. Banks are larger than ever (bad - more potential systemic risk), but they're being more strictly regulated (probably better). Mortgage rules now exist that didn't exist in the housing bubble (generally good) - but Fannie and Freddie are the only game in town. Our bailout of Fannie/Freddie has now paid back the invested capital. And we haven't hit the hyperinflation that Peter Schiff and other similarly ill-informed pundits said would happen. The notional value of the derivatives contracts says nothing about the risk - just total exposure.