Equity markets have enjoyed a spirited rally since late August when the Federal Reserve announced further actions to stimulate growth via a new round of asset purchases euphemistically dubbed Quantitative Easing II (QE II). By our math, it seems that markets have already discounted more asset purchases than are likely, especially given some of the discord that seems to be following the announcement. In this commentary, we explore some of the potential pitfalls that may follow from QE II, and why this round of easing is not the same as the first round of easing during the heat of the recent financial crisis.