The policy was QE. Using it to provide massive liquidity to insolvent institutions, mainly by allowing them to buy and sell government bonds at near zero and then allowing them to park that same money at the Federal reserve for a 100% safe interest rate above the cost of the issues. It was a guaranteed profit for the largest financial institutions. In turn, it drove down all other interest rates (the cost of money) to almost zero. This affected anyone saving, even pittances, by making it impossible to earn any interest except by going out and buying risky assets and bonds that were overpriced due to the policy of interest rate subsidies. The other huge effect of QE was that by driving down interest rates to near zero, corporations could replace investment, research and development, and training costs with near zero debt borrowing to speculate in their own stocks. QE policy or ZIRP (zero interest rate policy) had a massive redistributional effect by disincentivizing normal pro-growth behaviour with abnormal stagnating speculative behaviour.
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