Bank runs have always been a problem.
In August 2007 a bank in England (Northern Rock) had a run on its bank due to rumors in the press. They were a bank that had done a lot of sub-prime mortgage lending.
In October 1907 a bank in New York City had a run on it due to speculation by its directors where it went bankrupt and the depositors lost their monies.
History repeats itself (but not quite the same) today there are government safety nets in place.
People though still get worried about their money and will sell things off to be safe. (Panic)
That's what happened up to 8/16/07. The Fed then stepped in to build public confidence and the sell off of all markets readjusted themselves. The cause of the problems are still in the system but the panic has been subdued.
The Fed has stopped the panic. The Piper will be paid but not in a panic.
The market looks forward therfore it will revive itself with one more try at going to new highs and it will probably make it. As I said before though the Piper must be paid. Therefore when people forget about this problem and the market runs up the aftermath will cut the market down. Then it will bounce back and take off to new highs again maybe similar to 1987. Notice the 1907, 1987, 2007, years all end in 07. Coincidence, numerology, whatever, its good to know what causes and effects do from history.