The Big Short (summary): A handful of investors realised the US housing market was built on toxic, low-quality loans that were bundled together and sold as “safe.” When homeowners started defaulting, the whole system collapsed — banks, ratings agencies, and regulators all missed (or ignored) the warning signs. Why it can also happen in Australia: Because any property market can break when three ingredients show up: 1. Over-lending – banks giving loans people can’t realistically service. 2. Over-