p0larbear

" It also directs capital away from investing in technology and businesses."

Empirically this does not seem like a problem in the US at the moment. Large US banks are starved for lending opportunities, and turning away deposits for lack of balance sheet. The Federal Reserve bought corporate bonds. Lending conditions are loose (see links)

https://fred.stlouisfed.org/series/DRTSCILM https://fred.stlouisfed.org/series/DRSDCIS https://fred.stlouisfed.org/series/NFCICREDIT https://fred.stlouisfed.org/series/NFCI