First, let's talk about the impact of QE on companies.   The common mantra is that it makes it "easier" for firms to borrow money.  The problem is that borrowing, in general, is a destructive act as you must pay back said borrowing with interest -- no matter how small.   The bigger problem, however, is that long-established businesses have obligations that were all contracted with the expectation of lending other people money and earning a spread on it, such as their pensions.