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Personally, food prices in my area of the country (Arizona) have increased substantially (10% or more in the past year). My personal discretionary income has remained static. This means that I am, personnally, less well off today then last year at this time. I sense that this situation is typical of most wage earners and fixed income people in Arizona.
I would agree that some deleveraging is occuring by consumers as less debt is now a goal of many. Do you see this trend as deflationary? With respect to asset purchases by the you see this policy as necessary going forward? It would seem that the Fed balance sheet is creating lots of issues with confidence in the overall market. I especially notice this emotional change when I attend economic conferences and watch programs like Kudlow on CNBC. What is your view on this?
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Mar 21, 2011