Quantity Easing is supposed to stimulate the economy, creating jobs and increasing inflation. As of 2015, it has not for most countries including the US. The money has not been passed to the small businesses that generate most jobs. We should have let SBA to set priority to small businesses and new businesses.
The large businesses use most of the cheap money to generate products / services (but not on development) to increase supply and hence deflation is the norm.
The big banks lend money to investors and that explains why the stock market is booming and we have record-high margin debt. It widens the wealth gap.
Stock buybacks do not generate value. Corporations use low interest to buy back stocks and usually increase the stock values and hence their stock options.
Earning per share = Earning / Outstanding Shares.
When Earning is fixed but Outstanding Shares are reduced, the ratio looks deceptively good. That's why my Pow P/E is better as it considers Cash /Share and Debt/Share.
Pow P/E = Earning / (Price - Cash + Debt) all expressed per share.
From my book The Art of Investing.