Well Obama had his chance and he blew it. At least the Fed saw it coming and did its best, but it wasn't nearly enough. The government needed to do something WWII-sized in early 2009 to get us out of this mess and set the economy on the right path. And no, I don't mean start a war, I mean one-time new government spending projects equivalent to WWII as a proportion of US GDP.
That's the thing with Keynesian stimulis spending.. it has to be massive. If the government had spent $1 trillion on roads alone.... it would've headed off much of the recession since most construction workers could be quickly retrained from home building into road building. But it's all shoulda coulda woulda at this point.
