WASHINGTON, DC: Without QE, will the stock market tank? Count me a skeptic.

QE refers to “quantitative easing,” the Federal Reserve’s multitrillion- dollar program of bond buying that is now ending. I recently devoted a column to whether QE worked as intended. The short answer is that we don’t know. The idea was that by buying bonds the Fed would inject money into the economy and strengthen the recovery. The added money would cause interest rates to fall and stock prices to rise. People would spend more.

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