The problem with trying to magic our way out of financial problems is that the Chinese won't support this nonsense forever. If they stop buying our bonds, the game's over. They don't want to do that, but they'll reach a point when they decide that they're throwing good money after bad.
All these smart guys predicting a recovery are too smart by half. Their predictions are based off of insanely optimistic or ideologically forged assessments. Out of desperation, they're squeezing the goose that lays the golden eggs, and it's starting to choke.