There is no durable recovery that can come so long as debt expands faster than GDP does.  The math simply does not permit it.

In 1930 there was a tremendous stock market bounce, and everyone and their brother thought that The Depression had been avoided as a consequence of looser money and recovery of asset values.  Indeed, I am hearing echoes of President Hoover and James Davis in my head these days..... 

May 1, 1930
“While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States – that is, prosperity.” – President Hoover

June 29, 1930
“The worst is over without a doubt.” – James J. Davis, Secretary of Labor.

June 9, 1931
“The depression has ended.” – Dr. Julius Klein, Assistant Secretary of Commerce.

Uh huh.  The government tried to shield borrowers and lenders from having to take their medicine in 1930 too.

The result was a Depression that lasted until we entered WWII in 1941.  The Depression was not exited despite more than a decade of attempts from our government as the government never forced those who had gone bust to take their medicine and thus allow creative destruction to run its course - instead they interfered at every turn (even to the point of burning fields and shooting cattle!) and as a consequence until we were faced with a war that killed a large percentage of the workforce and destroyed massive amounts of material, thereby forcing full employment and realignment of industry,