The limitations of a Ponzi market…
…The Fed’s QE’s sure have ramped the markets effectively in the last few years, but their efforts only help those with access to the Fed’s free money, and/or enough invested to make up for price inflation and/or currency deflation. In other words, it continues the Fed’s policy of punishing savers by fishing for new debtors with interest rates that devalue the currency and invite inflation.
Looks like that policy is working well. At least for Bankers. From Zero Hedge, a Misery Index update: