Why Don't We Call It the "Panic of 2008"

While watching the talking heads try to explain why this isn't a "depression" but just a "recession", I was wondering what happened to the word "Panic" which was used to described economic conditions. Wikipedia has entries for:

• Panic of 1819 - pervasive USA economic recession w/ bank failures; culmination of U.S.'s 1st boom-to-bust economic cycle
• Panic of 1825 - pervasive British economic recession in which many British banks failed, & Bank of England nearly failed
• Panic of 1837 - pervasive USA economic recession w/ bank failures; a 5 yr. depression ensued.
• Panic of 1857 - pervasive USA economic recession w/ bank failures
• Panic of 1873 - pervasive USA economic recession w/ bank failures; a 4 yr. depression ensued.
• Panic of 1893 - pervasive USA economic recession w/ bank failures
• Panic of 1901 - limited to crashing of the New York Stock Exchange
• Panic of 1907 - pervasive USA economic recession w/ bank failures

To me, "panic" is a word that completely described the situation. People go through a cycle in modern economic times - (1) fair ordinary returns on investments, (2) greedy extraordinary returns on investments, (3) karmic extraordinary losses on investments exacerbated by panic.

I wonder why we stopped using the word "panic". The entry in Wikipedia for the current situation is entitled "Financial crisis of 2007–2009". It is such a meaningless heading compared to "Panic of 2008".

Meanwhile, the government has to tells us to stop our panicked behavior. If folks thought of it as a "panic" maybe the would get over it sooner.