No, I don't think a series of overnight loans, fully collateralized, would have stimulated our economy.
What would you have done with a $50,000 over night loan? Would a 1 month loan have stimulated your spending?
Begs the question: Where did all of those dollars go,
To the banks, and once the liquidity crisis passed, quickly repaid to the Fed.
You think we see the Fed's books concerning their loans to certain foreign and private banks and repayments? Why did they try to keep it a secret, and then only revel the 16T loan data after Bloomberg took them to court?
What else are they keeping a secret? Maybe they have Obama's documents in their vault?