As Bernanke continues to talk it continues to become clear they don't know the effectiveness of what they are doing. Bernanke has even stated this a few times, using efficacy as his code word. Essentially it sounds like they are trying to do something because they have the means to do so, and don't want to be accused of sitting on the sideline. Even if "something" doesn't really do much.
As to the market, the S&P has been rejected at this 1434 level after the Pavlovian dog sugar high immediately after the announcement. Still 30 minutes to go, so we'll see where they close 'em but thus far a trillion plus of promised "help" annually doesn't buy you what it used to.
Any securities mentioned on this page are not held by the author in his personal portfolio.