Imagine if a U.S. senator came forward with an idea for a third economic stimulus package. But unlike President Obama’s first stimulus, which cost about $800 billion and included both tax cuts and transfer payments for the working poor and middle class, this stimulus would be given almost entirely to the rich. Worse, unlike Obama’s second stimulus, which passed in December 2010 at a cost of about $900 billion and included tax cuts for working Americans and an extension of unemployment benefits, this new stimulus plan would be infinitely large. About $960 billion would be pumped into the economy in the first two years alone.

Sounds terrible right? No sane politician who ever had to face voters at the polls would ever vote for such a plan, right? Unfortunately, not only does this plan exist, but it is already being implemented by Federal Reserve Chairman Ben Bernanke. Two weeks ago, Bernanke announced that, due to the continued failure of Obama’s economic policies to reduce unemployment, the Fed would begin buying $40 billion worth of mortgage-backed securities from Fannie Mae and Freddie Mac every month. And how long would these securities purchases last? “If the outlook for the labor market does not improve substantially, the committee will continue its purchases of agency mortgage-backed securities,” the Fed said. In other words, the printing of money will continue until unemployment improves.