[whimsicalism]

> Fed policy pumped in too much dumb money

Given fed policy, the outlook of the market seems rational. Why would the Fed not engage in expansionary monetary policy during a recession? Just so that the market better reflects how you "feel" it should look?

[CameronNemo]

Because monetary policy rarely works long term, and is a fatally blunt instrument.

Fiscal policy can be applied much more carefully and is often far more efficient.