How are the nearly $2 trillion of bank reserves at the Fed contributing? That’s a significant portion of the total money supply.

Most of the corporate cash isn’t in equity funds, it in US Treasury debt. Apple holds >$50B of treasury securities, for example.

The low inflation monetary policy has some benefits, but combined with our ass-backwards tax system also makes for strong disincentive to do anything with excess cash.

Money in the government coffers is spent and used by the government. Again, a good thing (as far as government spending can be called a good thing, of course).

It plowed into low productivity assets like real estate, in an endless cycle of increasing real estate costs.

The effect is almost identical.