This.

I remember the 2008 crash and it was panic. Banks collapsing, large layoffs, hiring freezes, and a quick downturn.

Hell the pandemic downturn in spring 2020 felt worse than this. Unemployment went way up, banks were pulling back, people were being laid off. That was an artificial crash with a fairly defined end time. A normal crash does not have that.

Whatever this is, not a crash. Or at least yet.