Like in the 1930s, we're living through a monetary bust, caused by the Fed and the accompanying unemployment. Like then, governments are more interested in saving their friends than doing what could cause the economy to recover.
It is without question that debts need to be reduced. Since, obviously, the Fed sees it necessary to print money to accomplish this, why should the government be the only recipient of such largesse? Why not, instead of QE1, QE2 and now (coming up!) QE3, printing up 2-3 trillion for the governments coffers, give the money directly to taxpayers?