Greenspan droped 2x0.25% interest rate in 1998

When Russian could not return money borrowed from City Bank. City and other US banks were in deep troubles until Greenspan droped 0.5% interest rate. In return, City bank provided Russian government financing with 0% interest rate as long as Russia return total of $200 biliion USD borrowed from America. Dowjones was down almost 20-25% in August. I remember my mutral fund lost more than 30% in a week. It rebounded after Alan Greenspan cut interest twice. Both cuts were done w/o FOMC meetings.
The question is, shall central government bail or not bail out troubled companies? If government did not provide 100 billion USD loans, all insurance companies would be bankrupted after Hurrican Katrina. If Alan Greenspan didnt cut 0.5% (equals to or greater than 200 billion USD), Russia would probably default $200 billion loan.

Last year, central bank did nothing when NAWC, UAL, DAL filed for bankruptcy - the government just kept watching what happens to airlines.