Yesterday I sat at the Washington luncheon speech of Ben Bernanke. We watched the stock market meltdown start about three quarters of the way through his speech. The rest of yesterday you know. Last night, the meltdown continued worldwide.

This morning we saw coordinated central bank actions aimed at massive stimulus in order to encourage growth and abate the credit crunch. The tools being applied in the monetary realm are enormous and without precedent. These tools will...