1
Some people who study economic cycles think that social moods determine the state of the economy. Moods have cycles that have patterns. They say for now it doesn't matter what the Federal Reserve and the Treasury Department do, looserning or tightening, austerity or more stimulus, the result is the same: depression, as the cycle points to.
2
Someone argues that
(a)
A depresssion is actually good tho' painful for the economy in that it's a healing process the nation has to go through to undo all the over-leveraging and over-spending and to pay up all the debts accumulated over the last few decades.
(b)
The government could shorten the process by takeing the right actions.
(c)
More money supply now won't stimulate more spending since there's already an excess reserve of a trillion dollars with the Fereral Reserve, as banks are reluctant to lend and consumers don't want to borrow.