The wake of the US subprime crisis in August 2007 has made market participants to have a hard time understanding how things could change so fast and dangerous for credit market. Every time markets are under pressure, people are supposedly asking this type of questions, but crisis was not fast at all, and the innovative mortgage products, as crisis main cause, were dangerous ever since. The world economy was hanging on by its fingernails from the very beginning of elusive credit risk era. In the ’70, it was an oil crisis. In the ’80 it was saving & loan crisis turn. Emergent economies and IMF were blamed for financial crisis of the ’90. Dot-com bubble of the 2000 was a tech crisis. Summer of 2007 was the moment when liquidity dried up in money markets. Every crisis is eventually a liquidity crisis. The only different thing from one to another is the risk people are aware of.