I am continually amazed at public and government reactions to the current economic crisis that has been ongoing since the start of the U.S. housing market collapse in 2007. If we can put Peak Oil factors slightly to the side for just a moment (and I know some here will object to an oil-free analysis of this recession/depression), the current crisis is, imo, an absolutely text-book example of a Kondratiev winter. And as Kondratiev predicts, the response of governments to such a crisis is to add more debt to the bad debt until the whole thing collapses and a full-blown depression painfully excises the bad debt, allowing for a fresh start in a Kondratiev spring.
I know it's unwise to view the crisis solely through the century-old theories of a semi-obscure economist,but Kondratiev really seems to have provided a prescient model of a (semi) free-market's cycles. I think Kondratiev would have had a good chuckle at the history-repeats-itself quixotic efforts of western governments and central banks to put our the bad-debt fire with more-debt gasoline.