zanna@xubi:~$ bash -version
GNU bash, version 4.3.48(1)-release (x86_64-pc-linux-gnu)
Copyright (C) 2013 Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html>
This is free software; you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.
zanna@xubi:~$ echo "$(echo '!')"
echo "$(echo '' {} \;)"
{} ;
zanna@xubi:~$ echo $(echo '!')
!
zanna@xubi:~$ echo foo
foo
zanna@xubi:~$ echo "$(echo '!')"
echo "$(echo '' {} \;)"