It was only a year ago that Bernanke was criticizing Greenspan for all his interest rate cuts. Last weeks 'emergency' 75 basis point cut and today's 50 points add up to one of the most aggressive rate cuts in history. Specifically, Bernanke was saying it was a clumsy way to manage things and he favored more subtle approaches. Apparently he's changed his tune. No doubt he inherited a mess, but he's equally guilty in sharing Greenspan's need for Wall Street's approval.

What I've learned:
You can't time the market. I unloaded my last funds the Friday before the emergency rate cut. If that hadn't happened on Tuesday (Monday was MLK Day), the markets would have tanked 100s of point (following 10% declines in Asian markets)

The Future
People will slowly start to realize that the only reason that the Fed has taken such drastic measure is that things are really looking bad. Certainly the cuts will bring the day traders back into the market, but a 300-400 point bump in the DOW following the 125 basis point cuts doesn't indicate that the long term investors are back. If the market is trading over 12K in 6 months I'll bow once more to TGH (Fisher's acronym -  'The Great Humiliator').