An interesting article this morning by Stephan Gandell on the Time site.
"The problem is that four Augusts after it first acted to calm the markets in the early days of the financial crisis, the Fed is in a very different position. The Fed has faced a bruising year of criticism for the steps it has already taken to stabilize the economy. And short-term interest rates - which are the ones the Fed directly controls - are already at zero. Still, the Fed has some options."