my only guess is that greenspan has substituted mortgages for govt bonds because there are not any long bonds to go around.
problem is of course buying govt bonds puts money into the accounts of bond holders, and the original bond was funny money to begin with. Mortgages are private money unless the money source is FHA, so the money is not quite newly printed money and therefore I do not know if the effect is the same ( I am not that good an economist, but perhaps you can follow the reasoning and improve upon it.)
the real key is wht you have mentioned. getting the banks to loan money again to corporate america so they can increase capex and stay in business. To me this means cash rich companies are getting a chance to become more competitive realtive to their peers becasue they can invest in capex without loans now. I think a govt gurenteed loan program to get the banks to start doing soemthing would in order here.
tax credits and better yet an across the board middle income wage tax reduction is out of the question because of politics.
The problem is hedging the risk that the banks feel when they are asked to give a loan. It is not the interest rate but the risk felt relative to the interest rate that affects lending.
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