Banks & Finance Companies Cut Prime Interest Rate: is it enough?

Following Roy’s report of the Federal Reserve’s rate cut of half a point to 3 pct, there is news breaking today of many banks and finance companies cutting their rates following the fed rate cut.

With Wachovia Corporation, Huntington Bancshares Incorporated, Dollar Bank, Northern Trust, Wells Fargo Bank and many more cutting rates, what does this mean for the economy?

Some cut the prime rate from 7.25% to 6.50%, while others 6.50% to 6.00…but the real question…is this cut in the prime interest rate enough?

Can the damage to the markets and major companies be reversed or are we heading in a direction that is not controllable.