Everyone was frozen with fear. Then, gradually, with the support of the liquidity facilities designed by the Fed, panic began to recede.
Only the manifestation of financial illiteracy varies depending upon the stage of development of the economy, and within the same country, upon the economic profile of the individual. I am a firm believer that everyone associated with the financial system needs to be financially literate. This includes the users of financial services; the providers of services; and even the policy makers and the regulators.