Here's an argument by David Blanchflower for why this Great Recession is going to mimic the Great Depression and do a series of two step back-and-forth moves that slowly mire us in a seemingly endless recession:
He also makes it very clear that the key things are:
The stimulus is key. It needed to be bigger. You need a "strategy for growth".
You don't worry about inflation or call for austerity or "balancing the books".
What bugs me is that two years into the Great Recession, arguments about such basics as "what must be done?" are still being carried out. Also, I'm bugged by the fact that the same idiots who failed to see the problem are the loudest voices calling for idiotic policies such as "balance the budget" or "cut the deficit" or "beware of inflation".