> But all of that is not QE
It's a distinction without a difference. QE recipients used QE funds to heal their balance sheets by buying deficit funding Treasury bonds as directed by the Fed. So we have both Fed created money funding deficit spending indirectly through QE and Fed created money funding deficit spending through direct monetization.
Dwelling on this minutia misses the point entire, and I suspect that's deliberate. The hazard is that -- as a result of these events -- we are now a nation with a propensity to print staggering amounts of money to deal with economic pressures. The question is; will we control that impulse or not?
It wasn't routine. It was unusually-large FOMC activity directed by Ben Bernanke's study of the Great Depression. (It appears to have worked at keeping the money supply stable.)
But all of that is not QE. If you don't know the difference between QE an the FOMC, mightn't the nuances of monetary policy be similarly escaping you?