US government, together with the Federal Reserve (one'd be stupid to think the Fed isn't part of the government), did a lot more than just buying huge quantity of bonds to artificially prop up the economy and the stock market.
Even a layman like me can find flaws in Bogle's argument:
http://finance.yahoo.com/news/jack-bogle-fed-not-reason-203217043.html
I don't know what his motivation was when saying what he said.
But it sure was an intellectually incomplete argument.
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