Here's what a few observers had to say about the co-ordinated rate cuts by central banks on Wednesday morning, slicing key rates by half a percentage point, or 50 basis points. Do you think all our problems now solved? Think again.

High Frequency Economics: "The playbook to avoid depressions says rates need to be as close to zero as possible, banks have to be rescued, public spending has to rise and free trade must be maintained. The U.S. is making progress on all fronts, though the economy is still condemned to immediate recession followed by a long period of slow growth."

Accrued Interest: "I don't think the Fed is 'out of bullets.' But in my mind, they've done enough. Now we just need time. Everyone wants stocks to soar and credit to return overnight. They want one of these Treasury/Fed measures to 'solve' the crisis. But the crisis isn't about any one thing, its about confidence and trust. Financials broke that trust when they made a slew of bad loans. Now they need to rebuild trust. Like a philanderer trying to reform, it just takes time."

Nouriel Roubini, economics professor, Stern School of Business, New York University: "This action is necessary but only cosmetic and it is too little, too late. European central banks should have cut rates - as I suggested - many months ago before the recession and financial crisis became so virulent; and now 50bps for the Eurozone is peanuts at the time when a minimum of 150bps is necessary to restart the economy and unclog frozen financial markets."