Here's a colorful chart:
This is the point I'm trying to get across. I believe the Fed's rate cut was NOT a cut to prop up equity prices, but a response to the turmoil in the bond market. If anything, it was to pop the bond bubble--and as you can see from this post , the Fed's job includes promoting "moderate long-term interest rates."
I'm not saying I agree with it, but try to look at this from the Fed's point of view. In just a few months, a flat yield curve completely unraveled.