QE 2: The Legend of Curly's Gold

So Ben Bernanke gave this big speech in Boston this morning that all the bloggers were atwitter about.  Here’s the gist so you can avoid all the ranting and raving :

WASHINGTON (AP) — The Federal Reserve is prepared to take further steps to rejuvenate the economy by buying Treasury bonds but is wrestling with how big the program should be, Chairman Ben Bernanke said Friday.

Bernanke also indicated that Fed policymakers are trying to craft a plan to lift inflation from super-low levels. He made his remarks in a speech delivered to a Fed conference in Boston.

Bernanke said the Fed must weigh the risks of a Treasury-buying program and determine how the debt purchases would be paced. The Fed’s bond purchases would be intended to lower long-term interest rates to stimulate buying and spending and help lower unemployment.

Fed policymakers are widely expected to announce a Treasury buying program at their next meeting Nov. 2-3.

“There would appear — all else being equal — to be a case for further action,” Bernanke said.

I’m more interested in following the incredible numbers and outlook for Google ($GOOG) and the disappointing reaction to GE ($GE).

This QE 2 thing has been telegraphed for months.  Get over it.