President Donald J Trump, 45th President of the United States of America. A victory born in the hearts and minds of Everyday Americans
In polls where people state their position(s) on certain issues, there is discussion, sometimes that is challenging in nature, and that is to be expected. Again, there is no good reason for you to feel that the intent is to provoke a response so that a "hammer" can be brought down. Unless maybe that's the type of thing that you and others do.
“The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman
QE is basically the sale of high-yield, no-risk bonds at historically low (and artificial) interest rates. Of COURSE it's a giant kickback to the oh-so-punitively-taxed rich.
Freedom of speech is not freedom from criticism.
Again, QE by design is about buying problematic assets off the books of the banks as a way to free up capital to lending ratios. So yes, a net effect is cash on hand ("propping up the balance sheet.") Problem is regulations demanded this. You do recall all the "stress tests" the major banks had to agree to back in the 2009, 2010 and to current don't you? The Fed QE1 program helped with that. If things had gone to plan then Congress would have made up the difference by effecting aggregate demand by infrastructure and technology spending. But Congress did a mediocre job at that part so all QE really did was shore up the bank's cash positions and allow the equity markets to go on a historically quick bull market run to the point of a bubble.
If you look at how QE really ended up effecting bank deposits to loan ratios you would see the below graph. The reason the lines were no longer in sync post QE efforts is the difference on what the Fed buys and from whom. When the Fed buys from the banks the exchange is asset off the books to reserves, deposits do not change. When the Fed buys from the public, the banks become the intermediaries of the transaction. "Created currency" that the public receives for selling the asset to the Fed ends up as deposits at the bank (meaning bank deposits rise off those transactions.) QE1 (and arguably all QEs to date since 2008 leaned heavy to bank transactions, meaning a ton of reserves that *do not* end up in the form of cash for the bank to loan out.)
And the real reason that QE was largely ineffective for the 4th through 2nd income quintiles is between Fed action to date and *lack* of government action to date overall aggregate demand for this economy was never addressed. Because the economic model of this recovery has not been all that healthy it is no shock to economists why the banks simply decided to make some money in interest paying less on deposits than they receive on reserves. Which also makes sense as overall QE is designed to keep cash off the sidelines but thanks to confusing economic policy that did not happen so well. We also cannot ignore that any positive interest on excess reserves exists almost exclusively because the banking system by design is forced to hold those reserves and pay the insurance fee for associated deposits. Propping up the banks has to be part of the equation with Fiat Money systems, but does not have to be the sole reason for QE efforts.
In short, you should blame Congress more than we blame the Fed for what ultimately became a wealth based recovery and a race to the bottom 5th income quintile for everyone else. Also, between the Fed and Congress the below was the result.
"Every time something really bad happens, people cry out for safety, and the government answers by taking rights away from good people." - Penn Jillette.