... get the recession to the bottom with the smallest feasible decline to set a higher platform for the recovery ... during a serious recession like this, sparked by a fundamental flaw in the generation of new spending capacity and recirculation of that spending capacity through the spending/income cycle, monetary policy can at best accommodate recovery ... it cannot generate recovery.

And on the one hand, burning through money to paper over insolvency of financial institutions undermines the political and public finance position to pursue sufficiently aggressive fiscal stimulus, and on the other hand, it is vital to have a banking systam that can accommodate the credit demand of credit-worth borrowers if the recession bottoms out.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.