0.5 basis rate cut from Central Banks around the world.
This may produce a rally, for a day, a week, or a month, but defiantly not a bottom of the stock market, but we may see a near-term bottom.
The market is so beaten down, people are looking for an excuse to rally. Anything!
But it is possible that the genie is out of the bottle, and market won't believe the hype.
This action screams "problem" without a solution, just to ease financial constraints.
What may actually help the markets is the Fed taking the unusual action to lend directly to companies.
Iceland has seen it's currency "collapse" as the Korna (Iceland cash) dropped to 50% below the Euro.
England has given top eight banks access 100's of billions of Pounds. In exchange, England will get part ownership of the banks, and dividend rights.
My Spin: Uk has gone the way of the US to nationalize the banks. This will feed conspiracy buffs on consolidating money into the Euro, Amero, Afro, and the Eco.