Folks, we're still in a deflation/depression. That free Fed money never hit the streets, just commodities and stocks and fluff in the "reserves".
All you have to do to understand what is going on is to look at the current velocity of money, the price/turnover in Real Estate and the condition of the American Consumer.
All are ON THE ROCKS. The Fed can't print enough money to restore their losses in wealth and purchasing power.
The slow, ominous march of deflation continues.
I doubt it. QE3 will happen this summer, and it will make QE2 look small in comparison.