This morning the Fed announced a surprise rate cut of 75 basis points, the biggest cut in 24 years.  Yet the stock market nosedived anyway, with the S&P 500 shedding 1.1% during the session, bringing its total losses to 10.75% for 2008.  The Fed is finding that it has lost control over the market:  If it stays pat, investors gripe about a credit crunch and stocks plunge, while if it cuts aggressively, then investors assume things are worse than they realized and rush to Treasuries.