Intraday, the Dow was off over 700 points in early trading, spending part of the day below 7900 for the first time since April of 2003. Businessweek makes the case that these past two weeks might well be called the "Panic of 2008," reviving a term from years past that might just fit the way the market is behaving.

In the past century, the world has seen countless financial crises, economic downturns, and market crashes. But the last major event to be called a 'panic' was the Panic of 1907.

If ever it were appropriate to revive the term "panic," this is the time. The day-after-day declines in the stock market are unprecedented.

Brian Gendreau of ING Investment Management points out that the Dow Jones industrial average, founded in the late 19th century, until this month had never seen six consecutive daily declines of 1 percent or more.

But 'Panic' -- isn't that a little old-school? It may not be when you realize that there's something else we generally associate with the notion of a panic -- bank closures. Two more failed in the midwest today, bringing the total to 15 banks this year.