Though often the storm didn't quite take the form these people were expecting. Very few appreciated the extent of the financial interconnectedness and what that implied. For example, one common prediction was there would be a US dollar crisis with consequent calamity, but, in the event, the US dollar appreciated through the crisis.
Looking back on how financial markets reacted through 2007, the onset of the crisis is often dated from BNP Paribas shutting three funds with subprime mortgage exposure on 9 August. That caused a short-lived wobble in equity markets, but after that it was onwards and upwards for much of the rest of the year, with the equity market peaking in November.