In my view Keynesians or not doesn't really matter. There's more than one way to do things. The key is just if people trust it. If quantitative easing convinces businesses to hire again then we'll have a real recovery. QEII failed in my opinion because it never did this. People bought stocks, but the banks and businesses just continued to horde things.
What you are seeing here really just comes down to a lack of trust. Everyone's patience has run out. We had a big rally because some were convinced we fixed things. If we break technical levels on Monday then it proves that thesis wrong. At which point there's really no reason to put any faith in the future of a recovery.
It's not until a real leader shows up that the market trusts, that this will be solved. cough +Mitt Romney cough