If anything there is not enough fear. Most investors that I see are just numb, not afraid. The main reason the markets are down, especially in Europe, is the credit contraction pummeling banks and anything related.
People are numb and paralyzed to dump even some of their 401K that has already plunged and will most likely go down some more. That money isn’t coming back, same as that girlfriend who is never coming back
(I hope it does come back but I won’t bet on it) Stocks can be flat for years