That's one of the key issues with the current QE process - essentially all the money has gone to the banks / funds etc. in he hope they'd lend it to other producers but the reality is they've used it to make their own profits at others expense.

A better approach might have been to give it to the people to spend, save, pay off debt as they wished.

I'd have given it to people on welfare as well as tax payers.

I'm always suspicious of people like Krugman who claim to know the answer but didn't see the crisis coming.