Even during QE2, in the summer of 2010, the S&amp;P 500, P/E ratios, and EPS were much lower than they are today. If, as is likely, economic growth in the US remains anemic in spite of QE3, top-line revenues and bottom-line earnings will turn south, with negative effects on equity valuations.
即便是2010年夏的QE2期间，标普500指数，市盈率和每股收益率都比今天要低得多。倘若（而且很可能）美国的经济增长在QE3之下依然疲软，营业收入和实际利润将下降，并对股票估值也会产生负面的影响。