If that is possible here, there needs to be more regulation on hedge funds so they do not operate in a "heads I win, tails the US govt. bails me out" scenario.

That's the most hilarious part of it. It's a given that someone is going bankrupt big time and someone is going to want to be made whole. They will threaten the stock market until the USG bails them out.

Cascading already happened last March and the Fed bailed out the market. That backstopping has clearly helped buoy the market to new highs, while the real economy is contracting.

Something like this could trigger a cascade, but that cascade would rest solely on the people who built this bubble.

This is nothing like the size of the bubble (US housing market) that precipitated those crashes.