It’s an analogy, not a detailed explanation.
None of the explanations, so far, contain all the facts, not even yours. An accurate analysis would have to cover many years and entities, government and private.
It would make a long, (and probably boring for most), doctorial thesis for some economist. Unfortunately, Milton Friedman is no longer around to grade it, but perhaps Walter E. Williams could give it a shot.
Yep, I didnt want to get into housing bubble and credit expansion here.
But everytime there is a economic contraction, we do a debt/monetary stimulation for political reasons and pull out some ‘experts’ who claim it is necessary never telling us the future consequences, look at Paul Krugman who is still taken seriously by MSM.