If I was Bernanke's advisor, I would...

tell him NOT to hint of QE3 in his Friday's speech. Instead, I would remind him of the following:

1. It is time for Fed to be independent again. Let no politics dictate the monetary policy. The politicians will have their spotlight on Sep. 6 to solve the country's economic problems. Growth has to come from private sector with help of govt's pro-growth policies, thus creating jobs.
2. Fed should make sure there is no inflation. PPI and CPI are at elevated levels. Fed should not respond to every market rout, and prop asset prices as they slump. Fed should not try to alter business cycle by inflating assets that have to correct after relentless rise. Fed should not blow bubbles!
3. Fed should provide liquidity in frozen markets. But Fed should make sure no banks grow beyond unimaginable size unsupervised, that they would need $107B to stay afloat, like Morgan Stanley in 2008. This said, Fed should not impede lending by overregulating healthy banks, thus punishing them for the sins of few.
4. Fed should do a better job forecasting the economy. It was just a few meetings ago that Fed thought it would tighten the monetary policy. Staff has to be improved and/or replaced. Fed's credibility is at stake!!
5. Fed just recently said that it would stay easy for 2 years. So Fed should not do QE3 because it will destroy the dollar and send American consumer's buying power into the dumpster, thus sending our country into depression!!