The blowup of two Bear Stearns Hedge Funds in the second half of June was the tipping point for the stock market in 2007. Those two blowups and their announcement that there would be little or no money left to return to their investors had a direct impact on credit crunch of 2007. That event, more than any other triggered the drying up of LBO's, M&A's, and liquidity in the credit markets.