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Facebook IPO: God Help Us All

NEW YORK ( TheStreet) -- Welcome to the castle: The Facebook (FB - Get Report) IPO has now embodied all the worst that Wall Street represents and the massive irony is that it has done it with the vanguard application of the "one percenters" and "Occupy Wall Street" crowd -- the social network app that supported the Arab Spring and Chinese dissidents.

But even more, we are now all tied to this public offering, and perhaps the confidence in our recovery and the health of our economy might actually stand in the balance of it's success. That's how much hype the Facebook deal has been endowed with, and how much our system of capital allotment has invested in this one company. If this deal fails, I predict we're in for a far greater fall this summer in our markets.

Call me a Luddite, but even 900-million strong get-togethers and "blogging about Bieber" doesn't inspire my instincts in the promise of capitalism. Today, the Facebook IPO was given a pre-market valuation of $104 billion -- only slightly more than Total (TOT) and a bit less than BP (BP).

What do I want in a rapidly growing world? A network of unpaid subscribers without a monetization plan, or a company that provides the energy for all human progress?

Still, the avalanche of media attention has made this morning's IPO the most important financial story of the year thus far. While most of the analysts and pundits have been relatively cautious about the opportunity for retail investors, it hasn't stopped the explosion of interest. Every greenshoe -- including from Imelda Marcos's closet -- has been tapped to increase the float from sellers and deliver the maximum cash to angel investors and 20-something founders.

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