Mish makes the argument--quite well--that we are seeing deflation. That's certainly the case in home prices, along with gross credit numbers, and a few other indices.
On the other hand, we've also seen inflation in food prices and (still) in fuel pricing.
So. The propertied class sees a decrease in net worth, while the lower-and lower-middle classes see an erosion in food- and fuel-purchase ability.
What a deal!!
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