That was the advice Hoover got back in 1929.
I believe the way out of 1929 was to print debt free money into the economy to counterbalance the decrease in loans.. to write off a huge amount of debt by allowing big bankruptcies.. thus keeping that money in the system.
Likewise in this situation I don’t think its a great idea to try to continue a great wave of new borrowing by lowering interest rates to nothing. Thats what they did in 2001.
“That was the advice Hoover got back in 1929.”
That crunch was caused by the depression in post-war Europe, as well as wild margin trading. Neither of those situations apply now.
The closest things we have to that situation now is the wild rise in real estate prices fueled by progressively more daring loan terms.