I think I already pointed out the influence of lax regulations, little oversight and high leverages in making monetary policy less effective then in the past. A hefty drop in leverage in times of crisis requires thus a relative higher effort in quantity and quality of the monetary policy, supported by a big fiscal one if the risk is high.

As usual few see a problem with the system as long it is working even if akin to a car running at ever higher speed on a dangerous road. And if experience is a guide most person will buy stocks when the car accelerates its high speed even further and more aggressively. And for the time being most are quite happy.