The argument would be that there's too much savings chasing too few investment opportunities. That causes investment to become speculation with periodical bubbl

The argument would be that there's too much savings chasing too few investment opportunities. That causes investment to become speculation with periodical bubbles that do nothing to direct investment into productive areas. The thing is, there is so much opportunities with long-term pay-off. E.g. high speed rail, transitioning to renewable energy, research into new technologies, etc. they just seem to lack political/societal (or generational...) will? If the FED or EZB starts buying stocks like the BOJ, like some economists already propose, I'll see that as direct transfer to retirement savings btw. and further encouraging misdirected investment, especially if there is even a notion of doing it for propping up the stock market and not to increase inflation. Needless to say, I'd be very angry about that.