QE2 Hasn't Affected The Economy

I noted this comment from my former colleague, Dr. Ward McCarthy, Chief Monetary Economist for Jeffries:

"...the logjam in the banking system is evidence that QE2 has not filtered into the real sector of the economy to any significant degree. So long as this persists, it will be an indication that the monetary policy transmission mechanism has not worked efficiently."

Yet we continually, and with blind faith, talk about monetary policy not being out of bullets in reducing the employment rate through a QE3.  I wish that Chairman Bernanke would get on a National White Board and explain this in five minutes without any acronyms or jargon.