As usual, Krugman steps on his argument. If you are looking at the necessity of a stimulus, the last thing you want is one that fails to stimulate. Throwing money out of the mint at anything that you could possibly spend money on is not a policy; it is idiocy. And insisting that it was not enough is more idiocy. Doing the same thing again but more of it is insanity. Rather, examine the reasons why banks, flush with cash, have failed to loan and why businesses, also with full coffers, have failed to hire. It comes down to economic variables such as: what will Obamacare cost us? What will we be responsible for under the new financial regulation regime? What will the tax rate be? And, most importantly, what is each new employee going to cost to hire?