It just doesn't make sense

Yesterday, I told my supervisor that what his boss wants to do is a stupid idea. I laid out the reasons why and explained that it had been done before and was a disaster back then - to repeat it would be a mistake. So, during the staff meeting this morning, we were all informed that I would be in charge of that particular project. Can I just walk out now and say I am done? I have seriously had enough of these childish games! I mean really... the level of stupidity around here has reached an all-time high. I don't know how much more I can take.