I think I read it just fine. You just aren't really saying much. You show a profit bubble being inflated, deflated quickly, and then re-inflated twice as quick, and then say that we shouldn't look at the man behind the curtain as the reason it's all happening. Then where should we look?
Does technology factor in? Well, duh. But Technology isn't so cheap, and it takes people to run the stuff. There's just not enough of them out there to fill all the jobs available. THAT right there is why corporate profits are soaring. They can't reinvest the stuff fast enough because the work force coming out of college is dumb as shit. We're entering a golden age of computing, and kids coming out of college don't know a SQL query from a NoSQL database. If they did, believe me, they'd be literally swimming in high paying jobs right now. Same goes in manufacturing.
You're right - the Fed isn't the only problem, but it's a pretty huge problem. The Federal Government is the problem. The constant need to pump dollars and screw with incentives is the problem. College curriculums aren't changing with the times because the money is easy out there for them. They can take in handfuls of student loan money and expand their campus infrastructures, without bothering to keep their curriculums competitive. But they're hearing about it from the employers though.
There is a LOT of money on the sidelines right now. But businesses aren't about to be stupid with it. They know that another bailout isn't coming if they screw it up. So they're being careful with their investments. But it can only last so long. We're quickly approaching another tech boom. The only question right now is where the people power will come from to fuel it in a global marketplace. As it is, about the only think most kids (but believe me, not all) coming out of college know to do with computers is video games and porn.