We really are in uncharted waters as far as the current crisis goes. No one knows what will work, if anything, but Jim Manzi over at The American Scene sums up the best argument for the stimulus in just a few words.

The strongest argument for the stimulus (and the one that I think, in their heart-of-hearts, most supporters actually hold) is what could be called the Costanza-Hoover Principle: do the opposite of whatever Herbert Hoover did. In a world of limited knowledge, this isn’t as crazy as it might seem, at least as a starting point. It sure seems like Hoover screwed up; and hopefully we can avoid his mistakes. This pretty much boils down to: avoid a tariff war; don’t try to balance the budget right now; don’t restrict the money supply (that gold standard thing is right out); and, most importantly, prevent a collapse of the banking system.

via The Costanza-Hoover Principle | Economics | The American Scene.