GDP growth and credit creation go hand in hand, at least in modern economies that use fiat currencies. The question is, how much additional debt should be created in order to produce an incremental increase in GDP?
Judging by historical data in the U.S.A., the ratio of debt increase to GDP increase was around 100-200% until the mid-1980's. The ratio briefly rose during recessions as GDP dipped faster than debt - a normal and rather benign situation.
But then things got out of hand: the ratio exploded upwards to 700% even as the economy grew (at least by conventional macro accounting). There is only one explanation for this: the economy was artificially "goosed" by massive amounts of debt in order to create the illusion of growth.
The outcome of this piggish force-feeding was inevitable and pre-determined: a massive credit crunch and a doozie of a prolonged recession. Well, let's not mince words: a depression, though with a lower-case "d".
The Fed and Treasury are desperately trying to forestall the fallout (credit destruction via debt default) by furiously replacing worthless private debt with government obligations, but it is all for naught, really, after the first blush of hope is gone. Debt is debt and a pig is a pig, no matter what color you paint it.
In the words of my favorite stuttering porcine: