Listening to CNBC this morning is nauseating, quite frankly, especially Cramer.

I know, I know, the market is up. It was up 200pts yesterday and this morning the futures are higher. But the reality is that despite people saying "keeping cash in the bank is a fool's game" that logic discounts the risk in equities, and there is risk in equities.

Lots of it, in point of fact.

Bernanke's statement was that he would keep QEing until unemployment falls to where he wants it.

What happens if it does not come down at all, but rather goes up?

Now here's the ugly truth -- QE has not only failed, it has massively failed.

QE began in November of 2008.

During that time the labor participation rate fell, flat-lined, and has refused to recover.

The evidence is clear: QE doesn't work to stimulate employment, it instead destroys jobs.