经济衰退股市照涨，只要有QE(From SeekingAlpha)

Diffusion

http://seekingalpha.com/article/ ... standing-treasuries

文章的观点并非我感兴趣的，我感兴趣的是文章引用到的如下事实。

We hear so often that the monetary policy of the Federal Reserve is unprecedented; there is nothing in history with which we can compare QE4. But, the truth is not so simple. There was period in time, during the decade of the 1940s, when the Federal Reserve purchased and held all available short-term U.S. Treasuries and virtually all long-term U.S. Treasuries, a much greater percentage of outstanding securities than what the Fed owns today.

The Fed's massive bond buying program at that time didn't alter the fundamental macro-economic backdrop so much as it did stock and bond prices. In fact, as a result of the Fed's interest rate policy the Dow Jones Industrial Average continued to advance despite a sharp eight-month recession. The 1945 recession was one of the only periods in our history where equity indices ignored the economy, advancing more than 20% right through the recession.

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