Thorsten Polliet makes the solid case, that I agree with that, at a minimum, the Fed's rate cuts will do nothing to ease the current crisis conditions. Effectively there is a coordination failure in the credit money system that has created a vertical "wall" of money supply, whereby no reduction in r can stimulate the transfer of that money to those that need it. IE, no matter the money demand for investment spending, the supply can't get there.
And I think Thorsten is correct that this could be a net negative effect in that the lower interest rates mean that those that can obtain financing are urged to make ever riskier decisions regarding what to do with their cheaply lent money. Low-interest rates are bubble creating.
I disagree with his assessment that it is all the government's fault, or that somehow fiat money is the core trouble-maker. Government was a contributor certainly, but markets themselves need to take a hard look in the mirror.