If only teaching in economics had included a study of economic history, perhaps we can avoid repeating history, never mind as a farce or a tragedy. BIS central bankers’ speeches  9
In contrast, the more recent CDOs frequently were themselves backed by  BIS Review 65/1008  1  structured securities, resulting in so-called two-layer securitizations in which structured products are used to fund other structured products. These two-layer securitizations are inherently more complex and are more exposed to tail risk than their earlier one-layer counterparts.