I think you are right about why the Fed is printing money. Banks are already sitting on a trillion in reserves. What’s another 600 billion. The fed is doing this to buy the debt. On the other hand there is a dark cloud for Republicans if Ben were to cancel this move. It could very likely push the country into a deflationary spiral, run up unemployment much higher in the short term - Obama could fire back as the economy tumbles that we were thisclose to getting out of this until the ‘crazy tea party/republicans’ forced us to change course. Obama could possibly get reelected and who knows, the Democrats could storm back into Congress in 2012. Very tricky situation.
“On the other hand there is a dark cloud for Republicans if Ben were to cancel this move.”
Probably moot in the end. Slim odds that he would cancel.