Well, let say we get a bond bubble or we are already in one and the money will take a flight-to-liquidity. Then you will have another stock market bubble? Additionally you will get emerging economies currency bubble.
The velocity of money that is being lost when things go south cannot be reprinted by any central bank.
This QE is not good for the middle class as this will lead to increase costs in food, gas, prescription drugs and you can go on and on.
I will suspect we will see another recession soon and when that happens the Fed will be helpless. Bottom line corporations are not spending, they are using the cheap rates to refinance their debt. The only place that meaningful number of jobs can be created is small business and these guys are having a hard time surviving in this economy and borrowing money.
'The best traders are not right more than they are wrong. They are quick adjusters. They are better at getting right when they are wrong'.