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The collapse in the market for exotic financial instruments, the liquidity crisis in major financial institutions, and the government bailouts in 2008 and 2009 illustrate the massive social cost of financial risk taking. In 2007, the market experienced record downgrades in mortgage-backed securities, including Collateralized Debt Obligations (CDOs). Other complex debt securities fueled unprecedented bank write-downs." Some AAA rated debt lost all its value."'January 2008 was the worst month for CDOs in more than 10 years with issuance of CDOs" grinding to a near halt worldwide." 2 Experts had previously estimated the value of the CDO market at more than $2 trillion. As the value of CDOs fell, the market for them disappeared.