I read somewhere that the speed with which the stock market erased its value was actually faster than the crash of the Great Depression in the 1920's.

Gold is down, stocks are down, bonds are down, crypto is down... people are flocking to cash. More specifically, people are flocking to what they believe will buy toilet paper, pasta and a dozen eggs. The psychology of situations like these is that most people forget all about such constructs as "value" and "investing." Everybody slides a few rungs down on Maslow's Hierarchy of Needs.