Bank of America (NYSE:BAC) Sees QE Extending Past Current Parameters

Bank of America (NYSE:BAC) economist Ethan Harris said he believes there's a strong possibility the Federal Reserve will continue the implementation of quantitative easing past the end of the first half of 2011.

Another round of quantitative easing to the tune of $600 million will be flushed into the economy, with little expectation it'll do any good, as past QE actions have shown.

Harris said, "I think the dark cloud in this otherwise sunny outlook is we have no plan for the budget deficit." I'm not sure what sunny outlook he's talking about, but the quantitative easing is definitely a dark cloud that will continue to get darker with no political will to deeply slash the unsustainable deficits in America.

Ben Bernanke and most politicians continue to kick the can down the road and hope the fallout won't happen on their watch. The day of reckoning will come, and it'll be extremely painful for most Americans.

With little hope QE2 will do anything to boost the job market, we could say an unknown extension of quantitative easing will be the way of life in America, as the government can never do anything to create jobs, neither the so-called independent Federal Reserve.

Expectations are until the unemployment rate plummets, the Fed will continue to pump money into the economy, no matter what the future consequences will be.

Unemployment today stands at 9.8 percent.