Down in Washington: In an op-ed for the Washington Post, Bernanke says that high unemployment and low inflation meant that it was time for the Federal Reserve to buy debt. “This approach eased financial conditions in the past and, so far, looks to be effective again.”

Some are calling the Fed move a Hail Mary pass; and the ripple effect of QE2 is washing up on foreign shores.

Republicans get ready to take apart health care and financial regulation, but Fortune’s Nin-Hai Tseng doubts they’ll be able to get much done.

And don’t forget, another unemployment benefit deadline looms.

Up on Wall Street:

Compensation is rising, reports the New York Times, citing a recently released compensation survey showing that bonuses will rise by an average of 5% this year. But traders may not rake it in like they used to, with Goldman’s pool shrinking the fastest.

Buyout fundraising may have thawed. KKR attracts $2.5 billion.

Peter Thiel isn’t crazy. He’s just helpful. And the rise and fall of Stan O’Neal.

Companies:

Canada rejects the BHP-Potash deal.

GM nails down the terms of its IPO. The automaker apparently sparred with Treasury officials over the price.

After an engine failed on a Qantas Airways A380 jet and pieces of the plane fell off after takeoff, the company has suspended flights of that fleet of planes.

Delta flight attendants decide not to form a union.

Finally George W says the worst moment of his presidency was Kanye West. (Hat tip to Dealbreaker)