Because there is no point to supporting the equity markets. The credit markets have a far greater impact on central banks, mortgages, savings and loans, etc. Supporting our equity markets serves no useful purpose. That is why the nasdaq dropped 80% from it's 2000 highs. Where were they? As you can see, the 80% drop in the nasdaq and 50% drop in the S&P had very little effect on our economy, but the savings and loan crisis in the early 80's was devastating. The Asian flu in 98 was devastating. LTCM was very serious. Those were very serious matters. Where stock prices go is of little importance in the grand scheme of things.