In response to an FT Exchange blog by Stephen King on 21st January 2016, entitled 'Why monetary stimulus has not done its job'
http://blogs.ft.com/the-exchange/2016/01/21/why-monetary-stimulus-has-not-done-its-job/
"We may be discovering — once again — that boosting asset prices in a bid to encourage economic growth is only likely to end in tears"
Well said Mr King, and thanks for adding those two important words - 'once again' . The first Greenspan credit bubble went pop in 2000. The second Greenspan credit bubble popped on the Bernanke watch, and now the after-effects of the Bernanke credit blizzard are about to go 'avalanche' on the Yellen watch. They were warned both previous times, and both times the cop-out was 'no-one could have seen this coming'. It should be three strikes and you're out, but one thing central bankers all have in common is that it's never their fault...well, that and the fact that they know almost nothing about how the economy works.
Just one thing to add to your analysis:
The fifth channel of QE, the other one they don't like to mention, is the restoration of bank balance sheets and profitability. This is the only element of QE that has been an unqualified success, as of course it was destined to be from the outset. Central bankers, whatever they may say to the contrary, are primarily working for the banks.