NEW YORK (TheStreet) -- Throughout the financial crisis I argued that we were in good handswith Ben Bernanke guiding the economy. I believe those who concludethat the efforts of QE1 were a failure are 100% wrong. The primary purpose of the Fed is to stimulate confidence in times of economiccontraction and to temper inflation in times of economic growth.As much as we all want to believe that our economy is built upon a rockof fundamental safety, it is not. All economies do well in times ofconfidence and suffer from the lack thereof. Bernanke understandsthis and has consistently been able to provide the economy with joltsof confidence when it needs it most. QE1 policy was the reason weavoided a Depression. Although it didn't propel us to high growth orresult in a return to lower unemployment it did put a stop to the freefall of both data points. That in and of itself was a big, big deal. Now we get QE2 at a time when the recovery had stalled. Stage one ofthe market recovery lasted from the March 2009 low until the end ofthe year. Stage two of the market recovery could never get off theground. It has been stuck in neutral (tight trading range) for 10months as housing, unemployment, eurozone crisis, tight lending,etc... keep a cap on the cycle.