Jason,

I submit that Fed policy has not been "loose" in that it can't simply deem credit easy by decree (and hence does not "create" capital).
It's like a big city mayor decreeing apartments cheap by mandating rents below the market clearing price. What incentive is there for capital to migrate to new housing units if landlords can't earn a return on investment that reflects the business risks they are assuming? The result is housing shortages.
So in the case of the Fed, if interest rates are being artifically depressed, where is my incentive to offer my savings to the market if I cannot earn a return that compensates me for the risk of deferring my consumption? I think this helps explain why only the most credit worthy (governments and multinational corporations) have not had trouble accessing credit in recent years but small- and medium-sized businesses have found it quite difficult to access "easy" credit.