[dv_dt]

They could have been worse, but QE could have been constructed very differently to move funds to people first while still bailing out the banks. e.g. you get xx% of fed money on a mutual required refinance at a now lower principal. The bank gets some money, people keep the property with still loan, but now a much smaller payment & principal. It would have spent/printed a similar amount of money, but left a lot more wealth in the hands of people. Instead the QE program resulted in more mortgage defaults while transferring down pmts & other equity from people to the financial system.