The recent recession that lasted from 2007 to 2009, and whose effects are still clearly visible in the US economy, led the Federal Reserve to use new and largely untested methods to protect the country from a total financial collapse crisis. The new strategy, which blurs the lines between monetary and fiscal policy, has only been attempted once before and is open to criticism from several angles. This report documents the history, purpose, and controversies surrounding quantitative easing as a strategy to mitigate the effects of the recent recession. After considering these factors, one concludes that quantitative easing was a modestly successful policy, but one that should not be used again. While quantitative easing is not vulnerable to many of its main criticisms, I conclude that it is a dangerous overreach and should not be introduced into regular fiscal or monetary policy. Since 2007, the global financial system has experienced an almost unprecedented economic recession. When the boom in real estate prices took a sharp downward turn, a chain reaction ensued that devastated global credit markets and the confidence of both consumers and investors. As home prices fell, subprime mortgage defaults skyrocketed and major financial institutions suffered heavy losses (Bernanke 1). The housing market was just one aspect of a much larger credit boom that had broad effects throughout the global economy. Irresponsible lending practices, a decline in underwriting standards, and banks' heavy use of complex and risky financial instruments such as derivatives and mortgage-backed securities all contributed to the damage that began with the housing crash (Bernanke 1). As jobs and wealth were lost toward the middle of the paper… April 2009. Speech.Blinder, Alan S. “Quantitative Easing: Entry and Exit Strategies.” Federal Reserve Bank of St. Louis Review 92.6 (2010): 465-479. Print. Coppola, Francesco. “Banks don't lend reserves.” Forbes 21 January 2014: N. pag. Network. Press.Hayashi, Yuka. “The Story of Japan's Caution over Fed Monetary Policy.” The Wall Street Journal November 22, 2010: N. pag. Web.Print.Hennessey, Ray. “The dark truth about the falling unemployment rate.” Entrepreneur 2 August 2013: N. pag. Entrepreneur. Network. Print. Kerkhoff, Matteo. “Because QE isn't 'printing money' and leading to inflation...yet.” Financial Sense 19 November 2012: N. pag. Print.Suoninen, Sakari. “ECB's Weidmann warns against central bank excesses.” Reuters 25 November 2013: N. pag. Network. Press.Yousuf, Hibah. “This is the end of QE.” Money CNN January 7, 2014: N. pag. CNN money. Network. Press.