Those looking for a Fed bailout via QE3 will be disappointed

Much has been discussed regarding a third round of quantitative easing, or QE3, where the Fed would borrow and then use the proceeds to buy long-term bonds, driving rates down, bond prices higher, and in the process flood the economy with even more cash.  Many (incorrectly) assume that the previous two rounds of quantitative easing have been undertaken as a direct response (by the Fed) to weak stock market performance….