Yesterday's carnage on Wall Street was in sharp contrast to the crowds of jubilant people in the nation's capital who were celebrating the inauguration of Barack Obama. All I can say is thank goodness all the ridiculously overstated celebration is over. lt's time to see if the new president can do anything to calm the nerves of investors. Indeed, the economy is in need of a large dose of Valium given the state of things – particularly the banking system in the U.S. which is essentially bankrupt. For my part, I am more bearish than ever.