M3 = stealing from the laborer to give to the investor?

[latefordinner]

In some economic circles, it's accepted as a given that one of the main reasons the stock market continues to climb even as the subprime market melts down and economic growth is slowing is because the fed keeps pumping money into the system at a rate far exceeding current economic growth. This will, of course, eventually result in inflation, but in the meantime those who are wealthy enough to have considerable amounts of money invested in equities get to take the bubble for a ride and get nice returns.

In this context then, I wonder if we could say that the financing of an equity bubble through jacking up M3 is a policy that harms those that have nothing invested more than it harms those who own considerable amounts of stocks.