Oversimplified summary: the Fed doesn't control as much of it as you think.
(Completely armchair economist here)
Quantitative easing was the right policy at the time, but should have been supplemented by a major regulation push and protection of the individual debtors.
Serious Glass-Steagal regulations should have been put into place and banks and financial firms reigned in, both in Europe and in the USA.
US Dollar supply should have been allowed to go slowly done once situation was a bit more stable.
@alec It feels quite inexplicable how things aren't more different, e.g. massive inflation, or some fundamentally different concept of currency. Before QE, the idea that the value of a dollar = roughly the value of the economy/wealth divided by number of dollars seemed reasonable. Now it feels obviously naive.
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