tazmac, sorry for butting in but QE(n+1) had another goal and that was to push the USD down and it's working.
Ultimately the whole enchilada is about trade. Sure General Bernanke wants to keep markets buoyed for as long as possible. Trouble appears to be that QE looses it effect the more you ease so really the stimulus from QE comes basically from increased exports.
As you stated, if there hadn't been an initial the S&P would be ~600. And the USD would be, where? ~95 cents or $1+ even?
