There is no guarantee that credit will be restored soon as we are clearly facing a solvency problem. Also, credibility is at stake. The shift away from “market” measures to a “rescue” kind of approach may encourage reckless behavior in the future. It may also undermine the “inflation fighter” track record of the Fed.
The aggressive moves are going far beyond than the so-called “Greenspan put” that was behind the scenes over the last years. BIS Review 39/2008  1  In the euro area the “re-coupling” story seems very reasonable to me. Growth prospects are rapidly deteriorating and the risk of recession should not be underplayed.