Employment is weak and is expected to be despite the Fed's best efforts. In response, the Fed is opening the spigots even further and vowing to continue to do so until this failed strategy starts working. There's a certain willful spunkiness to the plan, but in terms of economics it's little short of bizarre.

Bottom Line: The Fed has made up new rules by lifting all restraints on existing policies. Should they desire different stimulus, the Fed will need to invent a whole new policy. It's a bullish move in the sense that pouring more money into the system inflates values. Stocks, gold, oil... basically everything except the dollar "should" go up in value.

Longer term we're now way, way into unknown territory. As Bernanke himself often says, monetary policy isn't a panacea. Then again, the same man just gave the economy the biggest injection it's ever seen. How will it all end? Literally nobody knows, but for now stocks are higher, bears are furious and bulls are giddily confused.

Also, the president just got re-elected. But that's a for a different column.

More on this w/video: http://finance.yahoo.com/blogs/breakout/bernanke-goes-means-180402117.html