George Melloan, The Wall Street Journal | January 13, 2009
The Fed’s decision to pour tons of new dollars into the US economy has not staved off recession. ++ The government is in fact the main beneficiary of the huge increase in the monetary base: deposits which the public are too uneasy to borrow have been put into the Treasury to be spent by the government. ++ This is Keynesian economics, characterized this time by unparalleled government deficit spending. ++ The Fed has expressed confidence that this will ensure against another 10-year-long Great Depression; one can only hope so.