with so much money in equities and real estate, there is a huge inflation risk ahead of us. Just think what would happen if people actually started to sell off that equity and start spending it (such as those retiring baby boomers).

Furthermore, the fed is supposed to be smoothing out the economic cycles. If it keeps feeding the bull market with lower interest rates, it won't be able to do anything once we hit a recession. The result is much larger booms and much larger recessions: the exact opposite of what the fed is supposed to do.