[blevo]

The FED did something different the last recession. The "last 15 years," as you say, have been different because the FED started paying interest on excess reserves. This is the reason for the new money to just sit. It provides incentive NOT to lend, a risk free return for the commercial banks. It has counteracted the loose monetary policy.

this has been the reason we haven't seen the usual price inflation from QE

This same factor (FED giving interest on excess reserves) can also account for profits sitting in reserve.

But I suppose now it seems like I'm arguing both ways... (Inflation! & NOT Inflation!) I'll have to take a step back.

+1 on Elon Musk, or at least the sentiment you described