In my opinion, a good case can be made that the Obama Stimulus actually turned the financial crisis into a depression. I saw it happen as a contractor involved in big construction.
When the stimulus program was introduced, the Democrats went to all the states (especially those like California) and asked for lists of projects that could be added to a stimulus package going before congress.
I was involved in managing a major country project in California near half a billion in size. While it continued, a lot of related and nearby road projects, giant water projects and all sorts of state, county and public body projects were stopped by the states and counties while this chance to get on the gravy train was analyzed for six to nine months. This was concurrent with casinos, hotels and shopping centers loosing their financial backing and going on hold or being abandoned.
THAT caused the great layoffs in construction, material supply and equipment usage that caused the huge downturn in 2009 after the 2008 stock market fiasco.
You write, “THAT caused the great layoffs in construction, material supply and equipment usage that caused the huge downturn in 2009 after the 2008 stock market fiasco.”
You are 100% correct. That downturn was immediately noted in housing in Southern Arizona. Tens of thousands of laborers (many illegals) disappeared. Rentals went begging. And housing starts from Vegas, southwestern Utah, Phoenix and Tucson only recovered after a decade-long depression. Thousands of homes were taken over by the banks, and the depressed housing market only began to recover two years ago.