The Fed’s QE has been great for bubbles. Since the Fed began publishing its open market operations daily starting in 2002, we’ve been able to see the correlations of the direction of the Fed’s System Open Market Account (SOMA) with 3 stock market bubbles, plus the biggest credit and housing bubbles in history, and the creation of fake bubble jobs in 2005-2007. When the bubbles collapsed in 2007 and 2008, the fake jobs disappeared. The Fed has frantically tried to reflate the bubbles since 2007. It has had great success with bond prices, stock prices, and house prices. But the fake jobs haven’t come back. That’s ... (full story)