Answer: false
Explanation:
A financial panic is when depositors in banks try to withdraw their money and investors try to sell their financial assets. It usually occurs when their is a loss of trust in the financial system. The loss of trust could be as a result of bank failures or stock market crash.
Depression is when recession exists for a long period of time.
Although, financial panics have predated economic depression in history, this doesn't have to be the case if the financial panic there's a quick intervention and proper management of the panic.
