To be sure, the U.S. response was hardly perfect.

After failing to see the worst crisis since 1929 coming, officials took an ad-hoc approach to failing big banks (see: Bear Stearns, Lehman Brothers) for the first six months until unveiling $700 billion TARP, which was initially shot down by Congress in dramatic fashion. 

"Even though there were some blips in the U.S. experience," Harvey said, "we were able to move decisively and with speed."

That speed and decisiveness may have helped avert a second depression and paved the way for the eventual recovery.

'Still No Closure'

On the other hand, investors and market watchers are understandably sick and tired of Europe's debt mess. After all, the crisis unofficially kicked off at the end of 2009 when questions about Greece's finances first emerged.

While that episode and eventual bailout should have spurred policymakers in Europe into decisive action, more than two years have gone by without a credible solution or end game in sight.