What will we do if the Fed starts QE again?

I'm wondering about QE, where they pump cash into the system which cause stocks go up. Yet when stocks go down they start QE back up again, even though that is what inflated stocks to begin with. It seems to me an obvious feedback loop.

So assuming rates rise, stocks will fall, and if the Fed starts QE back up, what will happen? Surely people will realize the Fed cant normalize, would they drop US stocks, or something else?

Who else would buy our bonds, would we change our system to not use open market operations?