Quote from Ricter:
I'm going to offer a perspective from that of a homesteader, since that is what (for better or for worse) I am becoming. It's a draft, I'm trying to slam down a quick lunch in my office.
We have grown our economy to its present size by buying and selling many, many goods and services we don't actually need. We have robots and cheap Chinese labor harvesting and making most of what we do need. So when recession hits, people stop buying what they don't need, making the recession worse (or better I guess one could argue). So at the present time, we simply have too many people around who are not needed to produce the basics. Thus, they're not able to earn anything. Without money in their pockets I do not see how we can get the, hmm... luxury economy going again. I believe the stimulus could have worked, had it been larger at the outset, or, more importantly, if the money had been put more directly into the pockets of the 70-percenters (consumers).