Quantitative Easing policy discussion

The Federal Reserve System is predominately responsible for U.S. monetary policy. Since the economic crisis of 2008 it has implemented a policy known as Quantitative Easing (QE).  Please explain what QE is in general.  How many rounds of QE has the FED implemented?   What are the potential effects of such a policy?  Since the Great Recession of 2008, do you believe they are doing an adequate job or not?  Please respond with solid economic reasoning, not personal opinion which is not founded on any verifiable evidence.

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