Excerpt of the Day: Mish

Hello Ben...

Consumers Need to Deleverage

Consumers are tapped out in need of further deleveraging. Boomers are headed into retirement with insufficient savings. Small businesses are suffering from lack of demand, with rising input costs and lower prices received.

Forcing prices higher now (assuming the Fed could do such a thing) would hurt demand. Yet the Fed is hell bent on trying, first by destructive Quantitative Easing strategies, now with absurd inflation targeting ideas.

Michael "Mish" Shedlock
"Inflation Targeting Proposal an Exercise in Blazing Stupidity; Fed Fools Itself" 10/15/10

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