This paper proposes that the network dynamics of the mammalian visual cortex are highly structured and strongly shaped by temporally localized barrages of excitatory and inhibitory firing we call 'multiple-firing events' (MFEs). Our proposal is based on careful study of a network of spiking neurons built to reflect the coarse physiology of a small patch of layer 2/3 of V1. When appropriately benchmarked this network is capable of reproducing the qualitative features of a range of phenomena observed in the real visual cortex, including spontaneous background patterns, orientation-specific responses, surround suppression and gamma-band oscillations. Detailed investigation into the relevant regimes reveals causal relationships among dynamical events driven by a strong competition between the excitatory and inhibitory populations. It suggests that along with firing rates, MFE characteristics can be a powerful signature of a regime. Testable predictions based on model observations and dynamical analysis are proposed.