They say that too much credit is what got us into this mess. How would more credit get us out of it ?
If answer is that economic stimulus will generate demand, etc, then why did economy fail when demand was so high? What is guarantee that it won't fall steeper than this time?
IMHO there is any way out from a deep depression and correction of asset prices. If you try to artificially prop the economy, it will lead to a much bigger crisis.
What governments and wise economics should do is to ensure this foolishness is not allowed in the economy again. Take this opportunity to change the system, stop fiat currencies, make markets transparent and simple, make companies more open, no more secrets. If you do not correct, people will correct it with a revolution as Marx promised.