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IMO QE3 will be more effective than QE2.
During QE2, banks were beginning to stabilize and lending was at a stop.
If QE2 or 3 now is to happen today, it would be much more effective because banks are more stable. They are more profitable and they are more willing to expose to certain risks. The lending of banks should spark up the economy.
QE2 was a failure because banks just took money and did nothing with it.
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