I'm afraid I have to agree.
I didn't like the last interest rate cut either.
Markets have to be allowed to burn off crap naturally, and attempting to make corrections in any part of an economy "painless" often just makes things worse in the long run. I think I've been using the "penny in the fuse box" metaphor a lot, but it's a valid one.
The Federal Reserve announced it would allow squeezed financial institutions -- including big investment houses and banks -- to borrow up to $200 billion in super-safe Treasury securities by using some of their more risky investments as collateral.
Cripes. If the gold standard is one end of a curve, this has got to be close to the other end.