I picked this quote up from the big picture blog:
"It's a sad testament to think the Fed has to cut interest rates eight days in front of a meeting to salvage the equity markets. The U.S. economy is in a rather sad state of affairs in that it depends on housing and stock prices to keep going."
Bill Gross, founder and chief investment officer, Pacific Investment Management Co. (PIMCO)
The quote does have a certain sad logic.