I think Bernanke is just trying to keep the ship from sinking during his watch. Once his term is up (in 2014 I believe), Obama will replace him and he can wipe the sweat off his forehead. He doesn't want to be the on in charge when the ship goes down. As Ron Paul said, these QE's are becoming less and less effective. There will come a point where even printing a zillion dollars won't help and Bernanke just hopes it doesn't happen till after 2014.