Yes, buy backs has been a large contributor to indices heading upwards. A lot of these companies issue their own bonds at rates lower than even their dividends.

In the public bond market, how is lending fleecing the "non-investor class"?

How? Because the Federal Reserve enables the cheap credit pegged to a near-zero interest rate to institutions on Wall Street, who turn around and loan to large organizations through channels by which the Wall Street firms will receive compensation by way of financial transactions. If you add up all the pocketing that goes along before a single retail investor has a shot at a position, then you'll understand what I meant by the 'fleecing' comment. Well, that and go back to the first point that the Federal Reserve's ridiculously low interest rate for the past half-dozen years punishes Savers, who are not investors in the market directly (that's why they're called savers), and that's a very large population being taken advantage of by a sophisticated system.

No, savers are investors. And I agree that a low to zero interest rate is bad for savers.

Again, much of the money printed is just sitting on the balance sheets and haven't made it's way into the market.

You're saying that lenders who borrow from the Fed then lend to large organizations who do buybacks. Why does this hurt non-investors?