The problem is rather what message it sends i.e. please have a lot of risk appetite, never try to be cautious because in the good times, risk takers will outperform you and get you out of the market and in the bad times, risk takers won't have any disadvantage because FED will help them out. Unfortunately this is how it works in Europe as well. However in US at least the debt is "exported" abroad to a certain point. In Europe it's normal people's savings that will melt down to save the big corps.
