The good news is they are not printing any more money, at least not yet. That is a misconception of what is going on. The whole thing is complicated but this plan is just a swap of different types of debt. It only last 28 days. It is supposed to boost confidence and might not solve anything. The Fed has not been printing money this year. Inflation might not jump as many think, Bernacke could be correct about that. The Fed is acually fighting inflation as they lower rates, do not be fooled. It could change but so far, so good on that front.
The stimulus will have the effect of adding money to the eonomy because debt was used to fund it, it was not a good idea IMHO.