Hey, I would have agreed until this morning. I had lost just about all faith in Bernanke until this announcement.
Look, I know it's hard to talk in terms of weeks or months to a bunch of people that can't see past a week in the markets, but this will be good.
Look, this latest credit crisis isn't anywhere near the real crisis' of post 911 and the savings and loan crisis. This latest action will see some results, but there's only so much any central bank can do to help the situation without lighting the brush fire of inflation.
You can't hold a gun to a banker's head and make him do loans no matter how cheap the money or how long the lines outside the bank.
Give it a chance and some time. There will be more cheap money available to the banks, not the general supply. This is about as pinpoint as you can get. Yes, it should have happened last quarter, but as some say it takes some time to coordinate. Now all we need is for the banks that need the supply to step up and get it, unlike how they refuse to use the discount window (window = useless, pure symbolic).
Good Luck!