The plan is certainly clear.

1./ Push down the commodities - deflationary scare.

2./ Ride to the rescue.

I don't think it will go anywhere near as far as 2008. They need to keep the S&P and DOW within or close to the trend lines to keep confidence from completely collapsing. They are riding a very fine line and they know it. They will start hinting at new measures to make sure that does not happen. They will implement within a few months but it will look different than QE2.