Credit Talk USA Live - Europe is in trouble. The US responsibility?

Is this going to be another bailout? Is it the US responsibility to help them or do we for once take care of our own country.  Europe is hurting for cash, and central banks around the world are stepping in to give it a boost.
The Federal Reserve, along with five other central banks, acted Wednesday to make it cheaper for banks around the world to borrow U.S. dollars -- a staple of global financial transactions.

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It's a big move, meant to not only lower the cost of short-term borrowing for troubled European banks, but also keep the global economy free and clear of an all-out credit crunch as in 2008.
"The euro debt crisis is coming to a head after two-plus years of dragging and hand wringing, and I think what these central banks are trying to do is send a signal to markets that there isn't going to be a huge liquidity crunch like there was in fall 2008," said Cornelius Hurley, a Boston University professor and former counsel to the Fed Board of Governors.
Indeed, world stock markets surged on the news, pushing the Dow (INDU) back into positive territory for the year. But what does it all mean.  What I want to know is how much of this is hype is the media normally does.