Why Agressive Reinvigoration Won't Work

I recently argued that history is against the US reinvigorating their economy with monetary means. Today I came across something from The Bubble Economy by Christopher Wood, about Japan's economy in the 1990s. He quotes the Levy Institute circa 1991:

"... monetary policy would not, on its own, be able to restart a depressed economy suffering from asset deflation and widespread financial crisis, for lower interest rates cannot motivate fixed investment when the market is glutted with existing assets worth much less than it costs to replace them."

That nails it. No matter how good business financing gets, markets for the end products suck. They'll huff and puff, but they can't reinvigorate with money, until the excesses blow off.