Market Turmoil - Fed slashes rates .75%

The Facts as of 11am January 22nd 2008 Wall Street to Washington

3.5% = Fed Fund Rate
4.0% = Discount Rate
Bush stimulus proposal = 150 billion although they are hinting at more
Stock Market - Dow dropped 465 early, but has managed to recover a good portion of that

Now, where things go from here is anybodies guess. It seems as though the proverbial tail is wagging the dog. Is Bernacke a day late and a dollar short? The markets probably would have preferred to see the fed do something more substantial sooner than today. In any case, here we are. I think we will know more between 1 and 2 eastern today. At least I hope the picture will be a little less muddy!