Since the subprime crisis first erupted in the summer of 2007, we’ve endured a steady progression of one proverbial shoe dropping after another. What began last July as a U.S. housing debacle spread quickly into a complex tangle of interconnected crises at financial institutions worldwide. With both debt and credit markets in turmoil, the meltdown deepened and some hedge funds closed, a number of mortgage providers declared bankruptcy, and banks labored. When Bears Stearns, once the 5th largest U.S. investment bank, failed last March, and JP Morgan Chase rushed in with an emergency takeover backed by a $30 billion Federal Reserve loan, even thick skinned New Yorkers were jolted. Then in July, shares plunged at struggling financial institutions like Lehman Brothers, Citigroup and Merrill Lynch. After that came the near collapse of the two mortgage twin giants—Freddies Mac and Mae.