Anytime there's a massive draw down equities an asset-liability mismatch shows up (margin calls) because someone was borrowing money to spend in the short term against the value of assets that have now disappeared.

It might not be the catastrophic cascading failure of the GFC, but someone somewhere in the pile will get exposed.

Ah yes I see. It's the idea that somewhere, somehow, there is debt that's funding all of this, even if it's very indirect.