The Federal Reserve, along with the other central banks of the G-7 nations, Europe, and Japan, can play that role. Japan really can't reduce interest rates much more. They've reduced them essentially to zero as it is. Japan could reform its banking system. The European Central Banks, I hope, will follow the Fed's lead and act as a group, collectively and cooperatively to provide some additional resources and some additional signs of concern to the global financial markets.
Somebody has to play that role.
And I applaud the Fed for taking the step today. My view is that by itself the Fed cannot do all the heavy lifting. It can help around the edges, by making a little bit more liquidity available, by calming investors' concerns. Money is cheaper. The terms are easier.