You raise a good point. With all the new money in the system, why have not prices increased?
People and businesses are scared shitless of this guy Obama and what he's going to do next. They are holding on to their money. They are not willing to invest it or spend it the way they would be if there were not someone with the policies and leanings of an Obama in charge.
There is a concept in economic called "the velocity of money". The velocity of money is a factor in inflation. Basically, the faster money turns around... the faster parties receive money and then spend it, the higher inflation. The longer they hold on to their money, the lower the rate of inflation. When people distrust the government, the velocity of money generally decreases.
The Fed is counter-acting this, and is trying to get people and businesses to spend in something approaching a normal way, basically by giving money away. Can you imagine what would happen if the Fed stopped that? What the economy would do if it stopped supporting Obama by practically giving money away? The economy would slam shut instantly. The fact that there is ANY spending is tribute to how much money they are dumping into the economy.
If that were to stop while Obama is in power, I believe the economy would crash. It'll crash eventually, but as long as the Fed keeps kicking the can down the road, the time of reckoning is being put off.