Before digging into Erika Morphy's article, here's a good place to start, even if only as a refresher:
Quantitative easing (QE) is an unconventional monetary policy used by central banks to stimulate the national economy when conventional monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions with newly created money, in order to inject a pre-determined quantity of money into the economy. This is distinguished from the more usual policy of buying or selling government bonds to keep market interest rates at a specified target value. Quantitative easing increases the excess reserves of the banks, and raises the prices of the financial assets bought, which lowers their yield.
Expansionary monetary policy typically involves the central bank buying short-term government bonds in order to lower short-term market interest rates (using a combination of standing lending facilities and open market operations). However, when short-term interest rates are either at, or close to, zero, normal monetary policy can no longer lower interest rates. Quantitative easing may then be used by the monetary authorities to further stimulate the economy by purchasing assets of longer maturity than only short-term government bonds, and thereby lowering longer-term interest rates further out on the yield curve.
Quantitative easing can be used to help ensure inflation does not fall below target. Risks include the policy being more effective than intended in acting against deflation – leading to higher inflation, or of not being effective enough if banks do not lend out the additional reserves. 
Source: https://en.wikipedia.org/wiki/Quantitati ve_easing (not bad).
Erika Morphy, Washington, DC reporter Erika Morphy goes deep inside the DC power scene to explore the link between Capitol Hill and your assets. Erika Morphy has been a financial journalist for 20 years. She’s been covering the capital markets for ALM since 2004.
With the help of Kevin Thorpe, chief economist with Cassidy Turley, Erika lays out why QE3 is pretty much a certainty. She give the brief history of Quantitative Easing under Ben Bernanke's Federal Reserve.
Even after all of that, you still may be wondering how it works or is supposed to work. By buying assets (infusing banks with more cash) and reducing yields on traditionally safe instruments such as US bonds by increasing their prices by reducing the supply, the Fed is attempting to force commercial banks into a position where those banks must lend out their money to obtain profits and remain competitive. This will, it is hoped, stimulate real economic productivity and not just equity-market speculation.
Now on to Erika Morphy's article:.