@Beachbum to be clear, 0.5 was a clever move. #Fed was doing exactly what the market expected - thus minimal disruption.
It would probably be better if politicians were more active and ensured that an economy functions without cheap money...
and from what I heard from the fed press conference, it sounded o me that the rate might continue to fall and then some Ponzi business and tech and housing bubbles will flourish again...
If politicians are clever, they only lower the "deposit facility rate" (i.e. what you get on overnight money), but ensure that people who need money (home buyers, business people, ...) pay decent interest.
That didn't work for long because banks maximized profits by ensuring that the amount of loans increased. In the meantime, however, frameworks have been set to curb excessive lending, e.g. through BASEL, stress tests, equity ratio, (hopefully...)