Bernanke has the tools, except they don’t work right.

From this mornings speech

"The issue at this stage is not whether we have the tools to help support economic activity and guard against disinflation. We do," Bernanke said. "The issue is instead whether, at any given juncture, the benefits of each tool, in terms of additional stimulus, outweigh the associated costs or risks of using each tool."

So he has the tools except they cause other problems. That is a bit like saying “yeah I can fix your brain cancer with this here chainsaw. It will cut it right out.” I don’t think that makes it the right tool.