Stock market doesn't have direct contact to so called real economy. Of course if your banks, etc. didn't learn nothing from the housing bubble, there could be bigger problem, as it was in the 2008.
I don't know what you mean about the panic regarding the institution funds. Panic as those don't give good return? Also, the bonds from countries don't follow exactly the central banks interest rates. So, it doesn't matter that much is the central banks interest rate zero or not. It matters that there is more competition about the government's bonds, and thus the price goes down (and interest from those). Invest to Greece or something, they have still good interest rates (and some risks).
