21st century financial panic

A New Kind of Bank Run. …a new financial architecture has emerged that relied more on securities and less on banks as intermediaries. With the worth of [these new] securities now being questioned – and no equivalent of deposit insurance – some who financed the securities want their money out, a fact that has created the 21st-century equivalent of a run on a bank.
. It’s no wonder these securities are being questioned, when some are based on Ninja mortgages and foreclosures are up 58% from last year.