Comment by senshan

Not really. It was not about stocks. It was the collapse of insurance companies at the core of 2008 crisis.

The same can happen now on the side of private credit that gradually offloads its junk to insurance companies (again):

As a result, private credit is on the rise as an investment option to compensate for this slowdown in traditional LBO (Figure 2, panel 2), and PE companies are actively growing the private credit side of their business by influencing the companies they control to help finance these operations. Life insurers are among these companies. For instance, KKR’s acquisition of 60 percent of Global Atlantic (a US life insurer) in 2020 cost KKR approximately $3billion.

https://www.imf.org/en/Publications/global-financial-stabili...