The Fed is a de facto central planner and it is hurting the economy. Wall Street as become addicted to the Feds buying. Banks are getting richer because they are dealing with low interest and so make money but then just sit on it. Why wouldn't they.
Retirees lose out because they are forced into the market when perhaps all they want re CD's etc.
The dam is going to burst and when it does the bond market is going to react the same way as the real estate market.
The kicker is by that time Bernanke will be sailing his boat along the Caribbean and probably denying paternity the this monstrosity called QE
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