Mr. Dan O'Brien:

The use of trickle-down is clearly a loaded, political view. There are three points. The question was asked whether there is any evidence that QE has led to inflation. There is not. It has not led to inflation going to 3%, 4% or 5%. In the US, unemployment is close to 5% now, so one could argue that one of the best ways to help people is to get the unemployment rate down.

We are all agreed that there is a real risk of an asset price bubble, the biggest danger of which is a crash resulting in people losing their jobs and becoming dependant on the State. It seems to me that the real concern around the creation of an asset bubble is that it will cause another recession. Clearly, recessions hurt most the people who have least.