The so called 'Panic of 2008' is still better than the alternative

It is an open question whether the history books will call this "the Panic of 2008".

A panic occurs when terror replaces thinking and reason, as happened in mythology when Pan frightened the Titans in their epic battle with the gods. This stampede to the exits certainly looks like a panic. Markets are pricing in catastrophes beyond modern experience. Corporate bonds, for example, are trading at levels consistent with default rates of about 50 percent.

If half of US firms default on their debt, we might need to find a word that is worse than "depression".