Its hard to be calm when everyone around you is in a panic, but that's my strategy. It is also helpful to have prepared a bit (with respect to cash on hand, food supplies, etc.), to be reasonably well diversified (perhaps with some physical assets as well) and to not have a lot of debt. Oh, and turn off the news for a week or two (and resist the temptation to check your account balances every hour on the hour).
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