You're still missing it. We have NOT "successfully" offset deleveraging. Deleveraging forces are still largely in play which is why the Fed won't exit, acquiescing to the view that their growth projections are perpetually overly optimistic, while failing to realize that they are exacerbating the damage. As far as a time frame, I clearly stated in 2008 that this deleveraging would take anywhere from 7-10 years to play out. So, you are LYING. I, did, in fact, give you a time frame. I sold in 2008, have been a tactical trader, with international holdings and the bulk of my money in multifamily housing, as we exited storage in anticipation of soft consumer spending trends.
The Keynesian and monetarist views are inaccurate, and, fortunately, were not employed during the Great Depression of 1920-21, and we achieved escape velocity by 1922. Of course, we didn't "tinker" with accounting standards and we held the banks to account. The politically-connected ones got a pass this time around. There are still skeletons in those closets.
Did you even read Dr. Hunt's piece Webby? These guys are much smarter than you, even if they are not completely accurate in the short run. Of course you would point to an unemployment rate of 7.2% and attribute the drop in the LFPR to historic lows to "retiring baby boomers," when it has, in fact, been shown that the LFPR rate for 65-79 yr olds is climbing while it is falling for 25-54 yr olds.