Central Banks Launch Coordinated Attack - WSJ.com:
"The world's central banks launched a large coordinated attack against the widening global financial crisis, lowering short-term interest rates in unison.
Separately, the U.S. Treasury Department is considering ways to inject capital directly into banks, possibly by taking equity stakes. Treasury Secretary Henry Paulson, in a marked shift in rhetoric, played up Treasury's newfound authority to "inject capital into financial institutions."
"The moves likely mark just the beginning of broadened government efforts to keep the world-wide credit freeze from strangling the global economy. 'For all central banks, this is not the end of the story,' says Laurence Meyer, vice chairman of Macroeconomic Advisers, a forecasting firm, and a former Federal Reserve governor. 'We're facing a potentially severe recession.'"