I would not be lowering rates. That doesn't help anyone in the short run and causes more problems in the long run. The confidence that will lower jumbo rates and other long term rates can only come from dampened inflation fears and a thorough housecleaning of bank balance sheets. Both of those are not helped by lowering short term rates. Also Bernanke said in his 2001 speech that if short term rates don't work he will monkey with longer term rates. That will just take us one step closer to hyperinflation.
As always, glad Ben is in charge and not you.