But that doesn't have the same potential to launch the problem into other sectors of the economy.

Agriculture, manufacturing, communications, health care, logistics, technology, and entertainment didn't care about the bankruptcies and defaults. Banks collapsing left and right was just a problem for borrowers, not businesses funded by selling equities. They barely even cared as the rating agencies like Bear Sterns imploded.

But once AIG collapsed, THEN the threat became real for the rest of the economy.