The fact we've seen no surge in QE - related (consumer price) inflation (despite some dire warnings at the time, I anticipated this back in 2012), has also been reassuring — though there's precious little justification for this, as we continue to
experience asset inflation instead.
After 2002, Greenspan's rescue took effect and the stock and housing market
experienced a brief period of
asset inflation, but the bottom eventually fell out in 2008 when the S&P 500 delivered a -37 % total return, which was followed by unprecedented monetary stimulus in the form of Quantitative Easing.