There are many savvy investors just waiting for the right moment to buy. Why? Because there is real value being undersold right now. Panic pushes some people to make rash decisions and sell to avoid additional losses.
If you can afford to wait it out, there's lots of money to be made. Remember, money doesn't disappear. It just changes hands. ;)
Hey, it might be a good time to buy some Countrywide stock. Who knows?