Famas message: Quantitative Easing is no big deal because the Fed can cut the balance sheet without problems. No market distortion, no stock bubble, no bond bubble. We have everything under control, nothing to see here. Our badass models are correct, reality is wrong.
Thx for the lesson, Professor. Lets talk again in two years. We have to hope that the nobel prize for economy has more value than the nobel peace prize for war criminals like Kissinger or Obama.