I also agree that any 'traditional' monetary policy is unlikely to have much impact. Having said that, if there's the possibility of any help the Fed should be doing more, and the fact that they haven't tried is scary, but I still don't think that all we need to do as have Bernanke flip the switch and everything will be great.
Absent running the printing presses and dropping money from helicopters, we need infrastructure spending. This is spending we need anyway, and spending we can do very cheaply at the moment given the absurdly low interest rates.
