How To Stem The Panic
Many are clamoring for QE but I believe the most effective way to stop the panic would be to orchestrate massive share repurchases today. The exchanges should suspend all share repurchase rules allowing companies to repurchase as many shares as they want for the day. An official from the government should make a request of corporations to repurchase as many shares as they could today. Corporations are sitting on mountains of cash and they are in a unique position to stop this negative feedback loop. This is a much more direct solution to the problem than QE hocus pocus.