Without continuous credit expasion, we are going to see severe deflation and depression.
New QEs will only keep the balloon deflate slower. Not until hyperinflation (massive credit expansion), we are then going to see the balloon burst. The chaos will then follow.
Next five to ten years, it is likely we will see this market turmoil many times. FED basically turns investors into gamblers instead of savers.
Will our politicians be smart enough to massively cut government, reduce tax, stablize the currency and save the America? I doubt it.