This is the part where we disagree. Panic is not what caused this "correction". Have you walked around outside? Market wide supply shocks in the form of disrupted manufacturing, reduced economic growth GDP, and reduced consumer spending (quarantines) ... Combine that with an overheated market, a gas war, colossal stupidity that injects uncertainty (markets love that right?), and just a pinch of delusional politicking and bang... it's on.
I hope for the best, but this thing will get really fucking ugly because the Red team just thinks this is a PR problem, sure some folks will die "just like the flu every year, just stop panicking!"
Based on what I see walking around in the real world 95% aren't focused on this as a real threat, never mind moved their money out of the market. These swings are institutions using sophisticated trading algorithms. John Q Public is not panicked....yet.