As I said previously,
Any kind of a long term anchor (explicit NGDP/CPI targeting) or adjustable policy (changing IOR or asset purchases monthly based on the latest data) will be more effective than ambiguous and rigid policies (QE2, keeping the Fed Funds rate at 0% for "an extended period of time")
"Operation Twist" is even worse than QE2 or commitments to keep the Fed funds rate at 0%. Is it any wonder stocks, commodities, interest rates, and inflation expectations are plummeting?
We are in scary territory.