A bear market or correction is not a crash.

This is the most important statement here. Virtually everyone I hear - family, friends, analysts, etc. seem to think there are two states to the economy: bull market or the great depression. No in between. So every discussion about where it's going lands in these two camps. When the there's a 10% correction it's assumed the apocalypse is just around the corner.

Unfortunately, I think this kind of binary thinking becomes a self fulling prophecy, and can / does have an impact on how severe these corrections are. Anecdotally, I know a few people who cashed in their entire portfolio to cash earlier this month, because they are convinced another 2008 is about to happen.