Today the Fed acted to cut the Fed Funds rate to 1%. As I've expressed in the past, at best, this will likely be ineffectual.
I agree with economist Bernard Baumohl who said:
"The latest Fed move is not going to hasten the economic recovery by a single day or accelerate the cleansing of bank balance sheets, what is needed more than anything else at this stage is simply patience."
I agree with him that the problem lies not with the cost of obtaining a loan (the demand side), but with the inability / unwillingness of banks to lend (the supply side) in this time of great debt and uncertainty.