The Fed and 5 Central Banks Act in Europe Crisis

The Federal Reserve and other major central banks acted on Monday to lower the cost of temporary dollar loans to European banks. This act will make the European banks easier to manage their debt. It is also trying to reduce the damage on the United States economy because high borrowing interest rate would reduce consumption and investment [Y= C + I + G + (X-IM)], and that would have negative spillovers in the United States. I think it is the best way that the Federal government can do to protect the U.S at this moment, and can give Europeans more time to act on the crisis.