Pushing On a String

The Fed cuts the funds rate by 50 basis points, down to 1%. But at this point who really cares? This is becoming akin to a zen koan, or a Douglas Adams novel:

Q. I know the normal effect of monetary policy in normal times, but what effect does monetary policy have in the context of a massive TED spread, nationalized banking systems in the most liberal economies in the world, and rapidly-expanding currency crises throughout the emerging world?

A. 42

I mean, I guess a cut couldn't hurt, but it still seems like a non sequitur. Oh well. Don't panic, and don't forget to bring your towel.