However, here's a chart that the critics of the Fed and the critics of the Fed critics don't want you to see. When the Fed started QE1 at the end of 2008, it had no effect on the stock market and asset prices in general. The negative feedback loop in the market was so powerful that printing money couldn't prevent a deflationary collapse at that time. This goes to show that the Federal Reserve, or central banks in general, can't always backstop deflationary forces in the economy, or mainly asset price and debt deflation, at least initially, which are the main drivers of reflationary economic recoveries and employment gains.
I present to you the deflationary death cross.