I'm not an economist but it seems that the Fed is making a killing on our banking woes. The Fed is creating this "money" out of thin air and using it to buy US Treasury Notes and Bonds. The Treasury (i.e. US taxpayer) are on the hook for these securities plus interest.
So while it looks like the Fed is riding to our rescue, in fact it is doing a very brisk business. And the US is falling so far into "debt" that political independence is a thing of the past.
The central bankers appear to be trying to fend off a Depression. Perhaps they want to postpone the financial breakdown for reasons of their own. As a friend said, "I guess they want their shit bomb to explode after the election."
If we see the Treasury as merely a front for the Fed, then the country seems to be increasingly owned by a foreign central banking cartel. They will own all those houses at bargain prices. A form of Communism (i.e. state ownership) is being created in response to a manufactured crisis. Formally the assets whill be owned by the state, but who controls the state?