Market watchers are probably correct in assuming that the problems with Deutsche Bank are not leading to a Lehman Brothers moment.
The better comparison for a worst-case scenario is probably Bear Stearns.
The two stories, both at the crux of the 2008 financial crisis, are important to understanding why the market tends to freak out every time a big bank hits rough waters.
Bear Stearns was the story of a bank that had suffered a crisis in confidence, leading it to be shunned by hedge funds, and which saw JPMorgan Chase swallow up the investment bank in a deal that's still controversial. Lehman, conversely, was a firm that not only had seen confidence evaporate but also had core solvency problems that made a rescue, at the time at least, impossible.
Deutsche is not insolvent or even close. Though it is heavily in debt compared with its equity position, for the bank to go under it would take a cataclysmic series of events, not the least of which being a decision by European banking authorities to simply wash their hands and let the Continent's biggest bank fail.
That doesn't mean, though, that Deutsche is out of the woods completely or that its troubles still can't have market-shaking impacts. Friday's relief rally put the market at ease for the moment, but there remain mountainous challenges ahead.