If the Fed and other central banks believe they can push up asset prices forever they are dreaming.
Most people, they have no assets, they have no money so what does it do to them if the price of Picasso painting goes up or down, they do not own a Picasso painting. They do not own high end properties in London, Singapore, Hong Kong, Mumbai, Manhattan and so forth. It does not touch their lives.
The notion of asset prices going up being good is kind of a brainwashing economics theory that benefits people that already have substantial assets, ordinary people they do not benefit from rising asset prices, in fact they are being hurt.
Look, when I started to work on Wall Street I could buy the Dow Jones at less than 800, it had a dividend yield of 6%, bonds were yielding 6%, so the compounding impact was huge and real estate was inexpensive.
Now a young guy, he starts working, please explain to me how he is going to save, he has to rent apartments at very high rents, if he wants to buy one he has to pay a very high price. Deposit in Europe, there are $8 trillion worth of bonds that have a negative yield so you deposit your money, you give it to the government and the government gives you back less, how are you going to save.