Stock Market Volatility: Are You Thinking for Yourself?

"The longer they last, the harder they become to resist because what they do is, they start to convince you that they're real," Surowiecki said, "and that was really true with the bubble, with the tech bubble."

The dotcom bubble popped as well with the collapse of one high-profile Internet company after another.

But the nation recovered from that and the market boomed again. So before the public panics about the Dow crashing down to 8,000, remember it was below 1,000 in 1982.

"We're still up more than a thousand percent in just the time since I was actually in elementary school," said Fox Business Network anchor Cody Willard, 36.

"Relative to where we were six months ago, things are a lot worse than they were. But, relative to where we were, say, 25 years ago, this is still an amazing time and place to be alive. In fact, it's the most amazing time and place to be alive in the history of the planet," Willard said. "We still have 94 percent of all the people in this country who want a job have one."

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