The Always-Wrong Club was right about one thing; subscribing to the statement that
"...the Federal Reserve cannot solve all the economy’s problems on its own.”
"Clearly, after we've completed now the third round of Quantitative Easing, and the Federal Reserve has rates at 0% for financing of new capital for banks, monetary policy looks to be out of gas. The Fed has a limited framework in which it can induce demand in the economy, and it's essentially reached the end of the road."
Conclusion? "Given the current dynamics in the American economy, a government spending shock of $1 trillion is necessary to adequately fill the output gap. Stimulatory monetary policy tools are nearly exhausted and with businesses and households unwilling or unable to spend money into the economy, the government is the last entity with the cash and will to jolt the economy out of the liquidity trap, leading to stable growth and full employment while maintaining price stability."