..and then the new traders will be different pimply youths :-)

Unfortunately, the whole system is aimed at the premise of making money at any cost within a fairly loose system of rules. They need to change the rules, which has a far deeper impact in that it will be an evolution away from pure capitalism. Not sure the markets will let that happen.

The problem with that is called the 'Capitalist Economy' - yes, it might achieve something in the short term but it would damage confidence in free enterprise and loose private investment. Then, we - the taxpayers, really would have to take on all the burden.

Yes, there are ridiculous excesses in remuneration packages but the cost of this, in relation to the sums we are currently talking about, is really very small. The real problem with these remuneration packages is that encourage traders to make decisions for short term gain at the expense of storing up long term problems.

This is not to say that some of these remuneration packages are not obscene and they definitely need to be controlled. How about a 99% tax rate for more than 1 million per year ?

The current problem is rooted in the policy of de-regulation of both the stock exchange and banking system.

This was done by the thatcher government and continued under successive administrations on the basis of self regulation.
This regulation is now seen to be the same as a verbal contract.

i,e, not worth the paper its written on.

The current economic situation has been caused by banks taking too big a risks for too long. While the banks were being successful and making a lot of money for their customers and themselves and shares were going up nobody complained. Everyone knew the banks were taking bigger and bigger risks and while the dice rolled thier way made a lot of people big bucks from it.

The laws of probabilty tell us that one day the dice will roll the other way and it is not until then that people will react. It is all very well in hindsight to blame people working in banks and at the stoke exchange but it doesnt do anyone any good to place blame.

Having such a rash reaction as to start closing down the stok exchange or economies from trading will make the situation worse not better. As soon as banks start building up their capital and lending and investing on a more secure and sensible basis the economy will slowly recover and hopefully the current crisis will be remended for years to come and people will invest more sensibly in the future and not be so greedy!

Well, for one thing, you can't just sack people and then give their job to somebody else.

You need to make them redundant - which means the position is no longer available to anyone.

Otherwise each of these overpaid pimply youths would have you into an industrial tribunal faster than you could say "constructive dismissal".

What would be the benefit of a nationalised stock exchange anyway?
The exchange itself doesn't dictate the share prices; the free market does that.

Theoretically, you could sell me shares without going through a stock exchange at all. I suspect that if you tried to nationalise the stock exchange, you'd see more selling going on away from the market floor.

Shutting down the stock market does not improve the situation. It only prevents a further wave of panic selling, forced coverage of short sales, and the like. The hope is that by forcing a few days of waiting, people will get over their panic to get out at any cost.

It's not clear why you think that nationalizing a stock market would keep people from trading, or make trading any wiser.

You may be unhappy with the decline in markets throughout the world, but name-calling and unflattering characterizations of people involved with the markets doesn't accomplish anything either.

Can we assume that this question is only an expression of anger and frustration? Or do you have some concrete suggestion of ways that will meaningfully improve the situation?