"There is no free lunch folks; we should have taken our recessionary lumps all along through the 1990s and 2000s, but we refused. We instead covered up the insolvency of corporations and individuals with the ever-growing emission of more and more credit. In 2007 we ran smack into the wall, and despite the government's attempt to "replace" private final demand with even more credit issuance as a "bridge" it did not and cannot work, because the absorption limit for credit in the private economy has been reached.
Greenspan, Bernanke and the rest who proclaim that a "free lunch" can be obtained or mathematic principles you should have learned in the 5th grade can be cheated are FRAUDS. They presided over the issuance of a record amount of unbacked credit - that is, a MASSIVE naked short against the monetary system - and now are DESPERATE for some means - any means - to prevent it from unwinding and detonating their "favored" institutions, specifically the banks that emitted that credit.
These actions were and are unsound and in fact should be viewed as acts of treason by all in this nation, and in addition are a blatant violation of The Federal Reserve Act. "We the people" failed to recognize this at the time (and still do) because instead of our officials explaining what was being done (and/or we choosing to think it through) we were "sold a payment" on our new car, house, or i-want-it-now of the particular moment.
The sooner we stop screwing around and take our medicine the sooner we will stop accumulating more and more economic damage that must, mathematically, be absorbed."