From an article comparing what Obama has done to what McCain might have done, an insightful (and factual rather than speculative gem):
The dirty little secret that many people don’t realize is that monetary policy, not fiscal policy, has been much more aggressive in addressing the current crisis.
In fact, trillions of dollars more aggressive.
The Fed has definitely taken an active and oft overlooked hand in resolving the crisis from day one. Although for all the stability their money has bought, it was arguably their expansionist monetary policies that got us here in the first place, and these policies could cure the symptoms and cause us to forget about curing the disease.
Also, the fact that the Fed (with the involvement of then Federal Reserve Governor Tim Geithner) choose who would be bailed out and who wouldn’t be raises some questions as to their objectivity and even handed application of the law.