The exceptional, pandemic-related stimulus money may have done something similar, but now I'm speculating. Of course, giving more money to people when consumables are inflating due to scarcity from a supply shock will only make the inflation worse, won't it? No matter whether you give money to wealthy people or everyone.
I'd agree that this is the case and argue that it is what has been happening since the aftermath of the ~2008 GFC. I'd further argue that this is one of the chief drivers of inequality as it drives up the price of housing for everyone without driving up everyone's ability to pay for housing by the same degree. To my eye, that is an adverse consequence. That it also drives up stock prices is mainly of interest to the relative few in the economy who own stocks. That an increasing share of flat-ish income is spent on housing rather than on, e.g., food, is an adverse effect of the strategy.
You're moving the goalposts to raise supply shock scarcity rather than something inherent to money for everyone rather than money for the already monied. I do agree that supply shocks are probably a factor these days. That said, there's only so much a given population is able to consume and making sure that they all have an equal chance at it seems more pertinent to maintaining stability than increasing the price of assets, where there is no inherent limit.
Can you spell out the adverse effects you see in the proposal to credit money directly to people's accounts? It seems like the money people spend would go to paying directly for consumables and to paying off loans and the money they don't spend would stay in the banking system, helping to meet capital requirements and supporting the banks' loans to the rich (and others.) It seems like the above situation might create inflation in consumables but it wouldn't create asset price inflation. And since the money is going directly to those most affected by inflation in consumables, there's a different but reasonable balance achieved. So, I can see that you see something I don't see. Can you give some examples?