When the housing bubble burst the Fed went into overdrive to try and blow air back into that bubble. I think the economists who say that they have put the pieces in place to have created The Mother of All Bubbles.
Bubbles are not recognized by the people until they blow up in your face.
You can't inflate the money supply this drastically without it having some effects:
https://fred.stlouisfed.org/graph/?g=oHFK