I never really got the hang of it. I mean how can one simply create such large amounts of money out of thin air when the country's already dying under debt and pump it into the national economy. How does it actually work? Where does the money come from?

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You cannot fathom the depth of the ocean by swimming on it's surface.

As long as the world remains confident in the dollar as a stable store of value, and confident that the USA will meet its debt obligations, we can borrow....as said above, from China among others.

There is a point excess borrowing will erode this confidence in the dollar as a haven for wealth, and in the USA as a reliable risk for debt. Let's hope for everyone's sake we don't take it that far. Then you will have a world-wide depression: economic collapse in the USA, debt default, and the loss of the worlds' largest source of customers for China, Japan, et al.

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"Be without fear in the face of your enemies. Be brave and upright that God may love thee. Speak the truth always, even if it leads to your death. Safeguard the helpless, and do no wrong". (Knight's Oath, Kingdom of Heaven)

Last I heard (well over 2 years ago) we already owed China 115 trillion stable dollars. And, they talk about uncontrolled credit-card debt... sheeessh! Thankfully my child is in her 4th year of high school Language classes in Mandarin.
Once the elimination of the 'middle-class' is complete, there should be a very nice work force available to serve the super-rich.
It took 'w' 8 years to nearly plunge the entire world into financial ruin, it would not be logical to expect the current President of the US to correct the situation in 1 or 2 years.

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"Its Windy today" ... "No, it's not. Its Thursday." ... "Me too. Let's go have a drink".

And you would say this because you are of a different political persuasion or because you have a unique insight into our current problems and the solution thereof?

No proposal of an alternative course of action has been made. It is insufficient to criticize what is done without proposing specific alternatives. Even if one feels the economy should simply have been allowed to run its course, that needs to be stated or the reader has no way to ascertain how reasonable are the proposal and attendant observations.

It needs to be stated that if President Obama had not continued the TARP (toxic assets bailout) and bailout of the banks begun by G.W. Bush, saved GM and Chrysler, and passed a stimulus package, the USA would have been in a depression, and probably the world with us. He had no choice but to take a calculated risk that we could right the ship before the debt burden threatens to bring on its own economic crisis.

To have let the economy "run its course" would have guaranteed a depression. The last time a president espoused such a Lassiz Faire approach was the Hoover Admn...and didn't that work out smashingly!

A comedian once said that it's fitting that Obama is the first black president....haven't black people always gotten stuck with the dirty work, and cleaning up the messes of ignorant blue-bloods such as Bush?

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"Be without fear in the face of your enemies. Be brave and upright that God may love thee. Speak the truth always, even if it leads to your death. Safeguard the helpless, and do no wrong". (Knight's Oath, Kingdom of Heaven)