The article presents a model of a systemic bank run during the 2008 financial crisis. It focuses on why outside investors required steep discounts to buy asset-backed securities from distressed core banks. The model suggests that investors who are uncertain about the market are more likely to deepen the crisis as distressed core banks increase their market share. In contrast, a run becomes less likely in the adverse selection perspective. The model proposes that the government purchasing troubled assets at prices above market value could help alleviate financial crises and provide taxpayers with higher returns.