QE without funding welfare is dangerous. Increased consumption would benefit everyone with more money flowing through the whole society. Yes it avoids inflation this way, but I think it solidifies the power and wealth gap.

We keep the financial sector running, while we forget that the financial sector serves not itself, but really the rest of us: it exist to provide funds efficiently where it is most needed for our development.

Weren't there similar, though less dramatic circumstances in 1999 too though? ISTR that Alan Greenspan lowered interest rates in order to help fight the LTCM fire.

That was in 1997 though. As was the Asian crash and Russia default (which partly caused LTCM), so there are plenty of other reasons for the Fed action.

Yes, QE made it different. Made it worse