"Asia Follows Global Rate Cuts "

More global cooperation on rate cuts:

"BEIJING (Reuters) - Two Asian central banks followed the world's largest economies in cutting rates to contain the global financial crisis as a newspaper reported Washington was considering buying into banks to revive shattered confidence.

Rate cuts from South Korea and Taiwan helped regional stock markets shake off some of the fear that dominated Wall Street even after Tuesday's unprecedented coordinated easing from the Federal Reserve and central banks in Europe, Canada and China.

But investors remained deeply unsure about how much the joint easing would help."

So, guess what's being considered:

"Money markets remained in a state of virtual paralysis and a report in the New York Times suggested that more state intervention would be needed to get banks lending again.

The U.S. Treasury Department is considering taking ownership stakes in many U.S. banks to address concerns that banks have about lending to one another and to other customers, the Times said on its website, citing government officials.

The bank recapitalization plan, in its preliminary stages, has emerged as one of the preferred options being discussed in Washington and on Wall Street, the paper said.

The United States would be taking a leaf out of Britain's book. London said on Wednesday it was prepared to inject 50 billion pounds ($87 billion) of taxpayers' money into its banks.

"After the credit crisis broke last year and accelerated this mid-year, we entered into a liquidity crisis, equity crisis ... right now we are in confidence crisis," said Markus Ammann, a trader at Bayerische Hypo und Vereinsbank AG in Hong Kong.

"If political and financial leaders don't restore faith very soon and quickly, the impact into the real economy next year will be much worse than many houses still forecast."

From my perspective, very good news.