pushing a string
I don't think the rate cuts have anything more than a psychological effect at this point. None of the prior cuts have found any leverage. We may be heading for a zero-percent fed rate.
The end is in sight. The fed has essentially declared that its not letting a major investment bank go down. It either has the funds and the will to hold the line, or it doesn't. If it does, then the worst is past as long as the banks start cleaning up their shit balance sheets with the cheap money. If it doesn't, then we're all about as screwed as its going to get.