Food for thought, narrowspec, nice one.
In my experience, trial hardened (read war disease poverty and other things mentioned in your post) people are less inclined to panic than those who have no real knowledge of such harshness.
Tis generally the soft ones who panic and throw away everything in desperation while the trial hardened stoicly face down their fears and push a way through for themselves and those whom they care about.
Bearing that in mind, my suggestion would be that emotionally, many of todays market participants could still be prone to panic, though those that have already been caught up in the storm would have received some hardening experiences now.
;)
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