This article was pretty good. I would go a little further and say that the Fed purchases are really just printing money and giving it to politicians to spend. The other subsidies go to the large banks to pay for ridiculously overvalued mortgage securities. This has not produced inflation yet here since a lot of the handout money goes to China in exchange for their crap. China has some inflation because of it. The banks turn their money around and buy up assets as the author implies. The asset purchases put a veneer of prosperity over an otherwise dismal economy.