There was no liquidity problem. There was a problem of excessive debt. Attempting to solve a problem created by debt by issuing more debt will only result in disaster.
The Fed is explicitly enabling the irresponsible spending by congress by keeping interest rates artificially low via monetizing the debt. Incidentally he got up in front of Congress and flat out lied by saying he was doing no such thing. That is exactly what QE was. And it resulted in massive price increases in staples such as energy and food, the things we all need in order to survive. Inflation isn't coming... it's already here.
The Fed has debased the dollar massively over the last few years in order to pretend that the stock markets were going up. But in fact, there has been a direct correlation between the devaluation of the dollar, and the increases in the market indices.
But please, go ahead and continue to applaud the Fed for creating an asset stripping scheme that steals money from the middle class and concentrates it in the hands of bankers that have repeatedly broken the law, laws that the Fed has regulatory responsibility for.
“There was no liquidity problem.”
There have not been liquidity problems this contraction because the FED led by Bernanke acted in such a timely manner. You of course are spreading false worry that led to the 1930s FED raising reserve requirements in 1937 which led to the second 1930s recession that turned the entire 1930s into a lost decade economically.