This is just the first phase of the crisis. Y2K has yet to hit the public's consciousness. But, as Greenspan says here, psychology makes a difference. A climate of fear can topple whole systems. It was the new climate that made the bail-out mandatory.
Nobody gets really upset when the public is irrationally buying.
Everyone will get upset when the public is rationally selling. People have ignored y2k because the stock market has been rising. They will be correct. There is a great deal to it. When it comes to fear, we have barely scraped the surface.