Fed goes to QE3 because QE1 and QE2 did or didn't work?

Hmmm …

"By doing QE3, he has admitted that QE1 and QE2 have not been beneficial. Otherwise, there would be no need for QE3," said Michael Pento, president of Pento Portfolio Strategies."

Read the whole article: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates – US Business News – CNBC.

Ben Bernanke

Frankly, we read it the exact opposite of Michael Pento's reading. If neither QE had done any good, why would Ben Bernanke embark upon yet another? The fact is, in our view, that had there been no QE1 or 2 (as bad as they were in terms of not targeting what they most should have but couldn't without changes in the Fed's legal mandate), the Great Recession would have been a deeper depression than the Great Depression and by magnitudes of order.

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