Did the Fed lower rates during the crash?

Here we have the Fed target rate in red and the effective rate in blue. Look at the path going down from 2007 to 2009.  Ask yourself, was the Fed following the market down or was the Fed leading? Other than the summer of 2008, it simply looks like the Fed was chasing private lenders down hill. Notice the Fed set the upper limit at 1% even though the market had the effective funds at .1% in 2009.

I simply do not see any point at which the Fed stopped and intervened to force rates lower. Yet stupid economists think the Fed determined these low rates.  It was not until 2009 that the Fed got permission to set interest on reserves at .25, and still the market rate for one year treasuries stayed at .1%.  Economists are simply a stupid lot, unable to learn a damn thing.

Here is some duimbshit CEO of a hedge fund:

Carlyle CEO William Conway:

Before the Federal Reserve lowered rates to keep money flowing during the recession...

I mean, this nuthead never even looked to see if that really happened, he just repeated some old truism he learned somewhere.