There was a somewhat accepted view after QE that the next crash is going to be worse because of all the money that is being pumped into the system, and I think

There was a somewhat accepted view after QE that the next crash is going to be worse because of all the money that is being pumped into the system, and I think that logically makes sense. Although I agree we don't have shitty financial instruments this time, but it's still a lot of leverage in the system right? It must have accumulated somewhere? Or did something happen such that it's no longer the case and a danger? Did the economy actually grow into the leverage such that it's no longer a problem?