Up 10%, down 10% another day. These kind of daily moves are impressive if stretched over a year. We get them in a day, and every day at the moment.
When a market falls sharply, you move to cash. It was hairy there for a while when even doing that could have ended in calamity. Part nationalising the banks was the only option. At least we can sleep at night knowing our money is safe even if it is not "working" for us.