There's a distinct lack of experience of this kind of thing for traders who have only been around in the past 10 years also. Their entire idea of "economics" is one where the CB's are money printing and creating gigantic bubbles.
I can't imagine those guys not panicking.
IMO just hold and weather the storm and see you in 6 months if the whole thing comes down, 90% of it will still be emotionally driven.
