QE does work in the short-term. Markets rise, and some future consumption is brought forward stimulating growth in the present. The problem is that in order to get the growth we experienced prior to 2008, we have to grow the shadow banking bubble at a faster and faster rate.
In the short-term, the increased money flow from QE and other money printing tricks is able to drive growth, but this does not seem like a good long-term solution. Keep in mind that QE also drives inflation. With the usual Middle East bickering and a poor harvest to look forward to, now is not the time to engage in expansionary policies.