The FED is an insurance policy shield that has protected investors since QE began better than, and cheaper than puts ever could. Will it ultimately lead to bigger problems down the road? Sure it will, but current market bears wont be liquid by then. The Vix is a useless tool in the QE age. VXX is a money making scam at its finest that ive have seen wreck the lives of hundreds of posters on these boards over the years even in bear markets. Yes, that last part is significant, ive seen countless posters wiped out even in bear markets. One gentleman (whom sone on this board prolly remember) not only lost his $140k retirement money but went in debt with his broker $40k through foolish options plays. At least he was honest enough to post his trade screens to flickr. Alot newbies "discover" vxx and come to this board completely clueless of how vxx works, contango etc... And every single one of them gets crushed near illiquid before slowly leaving the board and a whole new crop of cocky Gordon Gekko wannabees pops up. GFL!