no bubble

George Will Shoots at the Fed and Misses, Big Time by Dean Baker 

Will is also convinced that the stock market has been artificially inflated by the Fed's quantitative easing and zero interest rate policy. The S&P 500 peaked at over 1550 in the fall of 2007. If it had risen in step with the trend growth rate of GDP it would be over 1950 today, almost 20 percent higher than its current level. For some reason Will never complained about the 2007 stock market level in spite of the fact that it was markedly higher relative to the value of GDP at the time.