The S&P 500 has catapulted higher with every quantitative easing (QE) initiative - the index has even managed very slight gains during periods when the Fed maintains its bloated balance sheet through reinvestment of maturing securities. A simple chart of household net worth as it relates to nominal economic growth (GDP) demonstrates how Americans have become addicted to low-rate stimulus. Cash that one holds for a relatively short period of time (0-3 years) does not lose to inflation when it is highly likely to buy desirable assets at extraordinary discounts.