While today's coordinated interest rate cut "sends a very strong global message that we've got central banks that are aware of the issues," Art Hogan, the chief market strategist at Jeffries and Company says the problem "is it's like celebrating when the ambulance gets to your house on time. You're very excited that it's there on time, but unfortunately you're reminded that you need the ambulance." Hogan tells Steve Potisk that while the rate cut was a good move, " none of the monetary policy tools that we pulled out of the bag this week are going to work overnight." But Hogan says there are "glimmers of hope, like Warren Buffet putting "30 billion dollars to work in the last two weeks," well as "Wells Fargo stepping in front of Citibank to bid on assets of Wachovia," and ridiculously cheap valuations.

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