> That is to say, the panic can follow the crisis. You are technically correct. Maybe I should have used the word recession instead. What I mean is that a lot

> That is to say, the panic can follow the crisis. You are technically correct. Maybe I should have used the word recession instead. What I mean is that a lot (most?) of the damage in a crisis is actuallly done by big masses of people reacting to it rather than the crisis itself. Think about bank runs, widespread stock shorting and selling, people not investing because of uncertainty, lenders abruptly calling their loans, etc.