Former Fed Governor Lyle Gramley says that while deflation is a risk ``if we were to go into a very, very prolonged recession and nobody did anything about it,'' he is ``not worried,'' because he's confident the Fed will act ``very, very, very aggressively.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=azRTZ.U_ieuQ&refer=home
Oh no! Prices may fall! Amazingly, they call it a housing bubble, then when it bursts, they behave as though prices should not decline. So was it a bubble or not? Calling it a bubble implies that prices were too high. "Very, very, very aggressively" = "print, print, print aggressively". What a bunch of intellectually handicapped blowhards.