> Yes, but it appears that the banks are not over levered like they were during the housing crisis

Banks weren't over levered back then either because all the mortgages went straight into CDOs held by other people/institutions.

The problem was that nobody trusted each other because Lehman could just fail. So they stopped lending to each other (like the daily loans they give each other). Trust evaporated and the whole system stopped dead in its tracks.

Leverage is not the only thing that matters...