I don't think so. It's an attempt to prevent depressions and curb recessions. Fed policy may be misguided and may end up imploding the economy one day but I don't buy into those kinds of conspiracy theories. It's pretty well known if you have savings, you shouldn't keep it in cash. That's the whole point of retirement accounts; they get invested into the market.
It's also an attempt to bail out the banksters like in the U.S. subprime mortgage crisis. It was also the tax payers who are suffering because they are the last to access all that printed money.
The 2008 crisis was more about fiscal policy and relief than the Fed, and on paper TARP wasn't even that bad. Failing bank executives walked away with fat bonuses sure, but when all was said in done and the TARP loans were paid back, the government ended up profiting.
What's currently happening actually pisses me off more. People bitch and moan about poor people getting handouts, but it's middle class homeowners who really get all the handouts. They already get tax subsidies out the wazoo, now they're getting 6-12 months complete deferment on mortgages (probably more coming down the road too) while poor people at best are racking up debt if they can't pay the rent. Not to mention the insane overpayments for unemployment benefits.
The primary reason the Fed is propping up the stock and housing markets is to bail out the middle class, whose entire net worth is generally held in their house and the stock market via retirement accounts. It's not just for the rich. It's to entrench and secure the wealth of everyone
but the working class and poor. The system is set up to subsidize capital and property owners, same as it ever was. Let's not pretend this about the 99% vs. the 1%, or bankers vs. everyone else.