Shut it down. Now.November 20, 2008: 11:39 AM ET
It is my belief, based on a day-by-day analysis of the situation as it pertains to my own sector and the economy as a whole, that Wall Street should be shut down immediately and re-opened to people who can prove their sanity on January 2.
We don't let people drive who are drunk. We don't allow people to operate heavy machinery when they're on psychotropic medication (except in California). Wall Street and its associated analysts, brokers, traders and investors are simply too stupid to operate at this point. So let's not let them.
Everybody should take a month or so, celebrate the holidays with their families, take a look at the genuine value of the companies on the various exchanges, and then come back with a clear head. It's hard to have a clear head when it's shoved firmly into the darkest place imaginable. Let's wait until we get a little light.
This is not an academic proposal. What we have here are a bunch of guys potted on fear, thwarted greed, grief and short-termitis, rampaging through the forest with shotguns. Not since Dick Cheney went duck hunting have we seen such danger to all in the vicinity.
Companies that are actually performing quite well are zooming down to incomprehensible lows, with market caps lower than the value of the real estate on which their operations perch. Anybody with half a brain is sitting things out until the madness is over. This leaves those with less than half a brain on the field.
Let's send them all home. Now. Let the season of cheer and good-fellowship start immediately. And take the guns out of the hands of these children.