The present plan of the Fed to buy more Asset Backed Securities (ABS) will have no effect on jobs but will continue to relieve the banks of the time bombs they created in the past decade that created the crisis. This shifts more private debt to the public purse. The idea behind it, stated by Fed spokespeople (http://news.yahoo.com/...), is that it will help revive the building industry and thereby, the economy. This is absurd as almost all the components in housing come from abroad, from the fixtures, to appliances, even the wood is largely imported in some parts of the nation from Canada.
A more constructive use of taxpayer money would be for the Fed to buy the debt of US states like California, that would relieve local taxpayers, drive down state interest payments and be a real stimulus to state public projects that can employ private jobs to rebuild infrastructure. That puts money in peoples' pockets to the buy houses and consumer goods and create more employment.