Salient points there. Subprime real estate has certainly been replaced with subprime auto loans and, the dealer channel stuffing trick is akin to sweeping the dust under the rug.

It's such a mammoth unprecedented experiment nobody knows how it will end. I wager that it wont be pretty, especially for main street.

QE has produced a time bomb. The fact that the currency is not circulating has staved off inflation for now. When the helicopter money comes, run don't walk to your bullion dealer and sell all the dollars you can!