Oh, wait. It seems that US banks, at least, have put some of the QE money into the stock and commodity markets.  Now stocks are supposed to go up, so that is o.k.  Mission Accomplished!  Commodities are a problem, as they include oil.  Non-energy commodities are less of a problem, as manufacturers aren't manufacturing much.  These commodities are just being used as a store of value, perhaps.  But at least the TBTFs solved the "no credit worthy borrower" problem, no?

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."

They could have gone for a good bank/bad bank solution...

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma