"To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection - a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end." - Friedrich Hayek 1933
Enough said Fred.
Imagine if Hayek was alive today; looking for a concrete (or timber framed) example to support his thesis that curing a debt binge with more debt was a bad idea. Where oh where would he find a debt engrossed 'guinea pig' to observe,..... no don't tell me... its on the tip of my tongue.