How the QE works is that these trillions and trillions are pumped from the FED directly to big zombie banks to help them stay afloat. As big banks spend these money by investing in bonds, equities, VCs, whatever, the economy as a whole starts feeling better, I agree. And the prices rise too. The problem is that the last ones to receive it still have to pay harsh inflation tax even though they didn't get much out of the benefit. It works like this (money creation): FED --> banks --> whoever banks loan money to or invest in (investment banks) --> VCs, real estate, homeowners (from your example), etc. --> whoever these folks spend money to. The poor gets poorer in that scenario, while rich get richer (and I'm a republican here, mind you)

So, to answer what you said -- newly created money benefits those who are first to receive it. If the owner of the printing press (the Government) makes it such that group A receives the money first and then decides how to spend it, then the group A will benefit at the expense of everybody else. If group A decides to spend it on people in group B then these folks will mainly benefit as well. And then group B spends on others, so on. The last one to receive it is the big looser. If the Government policy is to hand over the newly printed money to the healthcare companies - healthcare wins at the expense of everybody else. If the Government decides to spend it on the Travel industry - these folks win while we all get hit with the inflation. Etc, etc. It's not really rich vs poor debate, it is who gets the freshly printed money from the FED first is the one who benefits at the expense of everybody else.

That's why inflation is bad. Inflation is the reason why you see the gap between rich and poor - worlwide, not only in the US - getting bigger. Because somehow the FED always hands over newly created money to the banks. And I'm not a socialist saying it's bad on moral grounds - far from it. I'm saying that's a sick economy. The FED should be abolished and money should go there where the markets want the money to go. Without being influenced by politicians and their agenda. That's what - to me - true republicans hail - free economy. The FED needs to be abolished. And as can be easily shown this money creation process will create bubbles. If newly created money goes to IT, IT has a bubble. That's what happened when the FED printed in 1990s to go over Savings and Loan Crisis -- all the newly created money created IT bubble. To fight off the results of that bubble bursting they printed even more -- that's what caused to Housing Bubble. And when this one bursted (they always burst) - they created the US Treasuries bubble. The Ultimate Bubble. The Wholy Grail of Bubbles. Bubble in the reserve currency of the world. Bubble in everything across the spectrum. I'm not going to sit around in the US and wait for that one to burst as well.

Bauer Mayer Rothschild, 1838: "Let me issue and control a Nation's money and I care not who makes its laws"