Jeremiah has previously described the challenge of trying to create jobs through monetary stimulus. To be effective, QE money must find its way to job-creating investments. Glass-Steagall would have helped.
You may recall that the Glass-Steagall Act separated commercial banking from investment banking. Some say that the Act, repealed by President Clinton in 1999, could have prevented the financial crisis. In any case, the separation of banking activities would have given the Fed a handy way to direct its stimulus.
Instead of cheap funds for all banks, the Fed could have directed QE money only to commercial banks. These are the ordinary, decent banks that lend to business and create jobs.
See also: Want to revive Glass-Steagall?