If there was any debate whether the Fed's policies have helped the economy or just the market (and specifically the Bernanke-targeted Russell 2000 ), the following two charts will end any and all debate. As the following chart from the St Louis Fed shows, as of the just completed quarter, US GDP "growth" since the "recovery" is now the worst in US history, having just dipped below the heretofore lowest on record.
A slightly prettier version of the same chart created by JPM's Michael Cembalest, is presented below:
But fear not: it is only the worst recovery ever for anyone unlucky enough to still rely on such Old Normal concepts as the "economy" to feed, clothe and provide shelter for themselves.
For those lucky 1% of the US population whose entire wealth is in financial assets (and who once again managed to avoid a tax hike on carried interest or any actual financial assets), times have almost never been so good.
Well, it's not the biggest surge in the market since the economic trough in history, but it is close. Which as Bernanke admitted some time ago (when discussing the level of the Russell 2000), is the only thing that actually matters to the Fed.
Yet oddly enough, the trickle down from the trillions in excess wealth created for those who hold financial assets, as a result of daily POMOs pumping some $85 billion, and soon more, into the stock market each month, has yet to materialize.
Oh well: just keep on doing more of what you are doing Uncle Ben, and if possible destroy the US economy even more than you already have - at this point, at least on a relative basis, you can't destroy it more.