No, I disagree. This is not what happened in 2008 which was fundamentally different because it was the people that held the bad debts.

If market crashes tomorrow due to commoditised models, it is true that those people who bought these stocks would lose money. But its honestly not a big part of it - if you run the numbers, pensioners will lose 10% of their money.

This is a transfer of wealth from people who have exposure to these stocks vs everyone else. Do you disagree with this transfer of wealth? It comes down to that.