The question is not whether or not the Fed will print more money; don’t worry permabulls, it will. The question is whether these efforts will be effective. So far, the Fed has just managed to inflate asset prices. The drop in unemployment and the increase in economic activity always occurs after a recession.
In exchange for some gimmicks which do not seem to have changed anything, we have received new bubbles in all of the financial markets and additional funding needs for the future as the Fed has purchased a lot of long-dated debt.