Almost All Stock Market Growth Since 2008 Is QE

This chart doesn't mean what the author suggests it means.

Why would a roughly constant ratio of the fed balance sheet to the value of publicly traded companies mean that actual economic growth had not occurred? The point of QE is to spur lending in highly imperfect markets (incomplete futures/insurance markets, highly imperfect information), and the point of spurring lending is to create growth in provision of actual goods and services. This happened to some degree, as measured by real GDP growth (which by definition account for changing purchasing power).

Focusing on publicly traded companies is also misleading; they are not representative of the value of all private firms.

Sadly, real wages haven't grown at the same rate.

If you want to show that all growth since 2008 is fake, shouldn’t you subtract QE instead of dividing by it?