The blowup of 2 Bear Stearns Funds in June07 that froze the credit markets was the tipping point for equities in 07. Investors seeking low risk, high yield, predictable and stable returns balked and said "No Mas." Central banks became lenders of last resort to the global financial system. As we enter 2008, it has been the central bank injections that have allowed stock markets to remain resilient to date – even if faltering as a US recession looms large with the deepening housing recession creating spillover effects that will persist well into the first half of 2008.