Joe,
You crack me up! 
no, that is how we electricians wire a system that might get a little warm…
see…, plenty of air flow here !!
I hope that you pointed out that the interior cover panel is missing.
The white wire needs some black tape.
It’s amazing to me how many exterior service panels I see in pictures here. It seems like a security problem to me.
But thinking about it again, if someone wants to kill my power before robbing me they just have to pull my meter. Although, hopefully most criminals don’t know this…
At least they didn’t run the GEC through the “weep hole”.
I was reading last night about how some folks reverse the line and load wires inside of the meter to run the meter backwards, I was surprised this was even a possibility.
Maybe I shouldn’t of posted that for every crook on the internet to see, oh well I’m sure most crroks won’t read through these boards to figure out how to steal power.
But then again who knows!