Q.E.++?
What is wrong with Q.E.
It worked just fine for Wiemar Germany, pre-Hitler.
It worked just fine for Zimbabwe.
It is working fine in Venezuela.
It should do just as well in the USSA.
What could possibly go wrong?
Need money?
Print it out of thin air and give it to the big, super-rich bankers to buy the DOW and thus prove the Economy is great because the DOW is 16,000+.
Duh?
I am in complete agreement with Steve Hanke on the damage QE is doing, but not for the reasons you list. Take a look at his analysis and tell me what you think:
http://www.financialsense.com/contributors/steve-hanke/fed-policy-making-credit-crunch-worse