The Fed is not powerless. It can take increasingly crazy action until it achieves its aim. Bernanke spoke of the printing press in 2002, and I take his word for it. If he wants to cut to 0.25%, and nationalise all banks, then he'll try to do it. If pesky laws get in the way of extreme action, then they will be changed.
I think we see the markets end lower. This rate cut is going to be useless today and even down the road.
to the contrary- their aim is to have total control over all financial inst. and after that all other firms + infrastructure remember their goal is not to keep the economy in good shape, they dont give a damn sh.. about it, they want power, power and even more power!