Do what their psychiatrists do: go out there and make some money. A disastrous market is no time to lose your nerve.
For my part, I've been thinking about the meltdown a lot in the dark of the night. What I've figured out is that change always represents an opportunity for someone to do something entrepreneurial. Big change equals big opportunity; therefore, someone is going to make a lot of money despite (or because of) the turmoil. Warren Buffett sure as hell will, Jamie Dimon and JP Morgan Chase will. Whoever's buying corporate paper at 5-7% from the Fortune 500 or lending to the UK banks at current LIBOR+ rates is doing well (so money market funds are a good bet right now, especially with the new insurance provisions). Longer term, there are big opportunities going down in renewable energy and energy technology (ET). Somebody's going to have to finance houses with nice, boring 30 year whole loans.
There is blood in the streets; it's time to buy.
Updated: Link to the Daily Beast story removed on request.