If you look at something call the LM/IS Curve, you can see that the intersection of the monetary curve (LM) and the fiscal curve (IS) is in what is called the Keynesian Liquidity Trap. The short answer is monetary policy is going to be totally ineffective in affecting real growth. The correct policy now is reduced taxes for both business and individuals. However, politicians prefer buying votes with the money from productive members of society and then giving it to non-productive members. If you doubt this, try to explain free cell phones. The whole idea of punishing the rich and give to the poor makes no sense on so many levels. Have any of you been hired by a poor person? Why can Obozo realize a rising tide lifts all boats? Idiot...
Monetary policy like we currently have is creating trillions in debt and this mortgage buy back to print more money is extremely foolish. National Income Accounting was not accurate as it is impossible to value government spending. Thus GDP and even GNP is often misleading. We have a FED that is trying to spend us out of debt. It never works. What is a road or bridge worth? We have to cut Gov spending, and; we have to lower corporate tax rates. This socialist idea that the Gov can manage anything is a joke. EBT cards are inflating retail sales as they can be used on items never intended in many states. Obamacare has taken over a huge chunk of what was in the private sector. These are huge costly mistake. We have never seen anyone spend his/her way out of debt.