I mean credit easing, oops I mean asset-purchase program. At the end of the day, the Fed's plan is to purchase 2 year to 10 year Treasuries, thereby pushing their yields down even more, and hopefully induce investors to other securities with higher yields, i.e. mortgage back securities, auto loans, student loans, etc. Increasing demand for these securities would drive down their yields, thereby lowering interest rates, thereby stimulating demand.

The second value to this asset-purchase program is forcing investors away from fixed income securities to equities. Look at the S&P, DOW, NASDAQ, or any chart for that matter, starting in late August when the Fed announced the program. Stocks have increased by about 15%. If you have a 401K, IRA, taxable account, whatever, you feel wealthier, hence you will go out and buy shit. Based on early reports, people are buying all kinds of shit. Hopefully this demand will result in some level of hiring.

The guy running the economy today is Bernanke, not Obama, not Pelosi, not the Tea Party. Though the Fed is limited in its mandate, you have to at least initially agree that this asset purchase program aka QE 2, is starting to work, and they haven't even yet purchased their first batch of longer term Treasuries.

See how easy it is. Now if we could just get someone to tell North Korea to shut the fuck up and go away, and not fret over the insignificant PIIGS, then equities will go higher.